Shoals Technologies Group (NASDAQ:SHLS) Shares Down 6.6% – Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares traded down 6.6% during trading on Friday . The stock traded as low as $9.09 and last traded at $9.2140. Approximately 678,167 shares traded hands during trading, a decline of 87% from the average daily volume of 5,232,047 shares. The stock had previously closed at $9.86.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SHLS shares. Citigroup upped their price target on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of Shoals Technologies Group in a report on Wednesday, May 6th. Finally, Barclays reaffirmed an “overweight” rating and issued a $10.00 price target (up from $9.00) on shares of Shoals Technologies Group in a research note on Friday. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.79.

Shoals Technologies Group Trading Down 5.8%

The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.56 billion, a P/E ratio of 46.25, a price-to-earnings-growth ratio of 1.24 and a beta of 1.90. The business has a fifty day moving average price of $9.54 and a 200 day moving average price of $8.68.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The business had revenue of $140.56 million during the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.Shoals Technologies Group’s revenue was up 74.4% on a year-over-year basis. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. KBC Group NV acquired a new position in Shoals Technologies Group during the first quarter worth $30,000. GAMMA Investing LLC grew its position in shares of Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after acquiring an additional 1,375 shares during the period. USA Financial Formulas acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth about $49,000. PNC Financial Services Group Inc. increased its stake in shares of Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after purchasing an additional 5,983 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Shoals Technologies Group in the 1st quarter valued at about $57,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.