Shoals Technologies Group (NASDAQ:SHLS) Trading Up 10.6% – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was up 10.6% on Tuesday . The company traded as high as $10.39 and last traded at $10.3930. Approximately 430,423 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 5,266,726 shares. The stock had previously closed at $9.40.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHLS. Barclays lifted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Wells Fargo & Company increased their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Weiss Ratings upgraded shares of Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 6th. Needham & Company LLC restated a “buy” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group upped their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average target price of $10.31.

Shoals Technologies Group Trading Up 6.9%

The company has a fifty day simple moving average of $10.24 and a 200-day simple moving average of $8.80. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 57.50, a P/E/G ratio of 1.31 and a beta of 1.90.

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

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 394,979 shares in the company, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider owned 98,918 shares of the company’s stock, valued at $1,029,736.38. The trade was a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors have recently bought and sold shares of the business. KBC Group NV acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at about $30,000. GAMMA Investing LLC grew its position in Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after purchasing an additional 1,375 shares in the last quarter. USA Financial Formulas purchased a new position in Shoals Technologies Group during the fourth quarter valued at approximately $49,000. PNC Financial Services Group Inc. increased its stake in Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after buying an additional 5,983 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new position in Shoals Technologies Group in the 1st quarter valued at approximately $57,000.

About Shoals Technologies Group

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.