Insider Selling: Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Sells 2,110 Shares of Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Jeffery Tolnar sold 2,110 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $6.34, for a total transaction of $13,377.40. Following the completion of the transaction, the president now directly owns 125,761 shares in the company, valued at approximately $797,324.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Shoals Technologies Group Stock Up 0.5 %

Shares of Shoals Technologies Group stock traded up $0.03 during trading on Wednesday, reaching $6.49. The company had a trading volume of 2,761,601 shares, compared to its average volume of 5,035,323. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 0.93 and a beta of 1.74. Shoals Technologies Group, Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $21.22. The firm’s fifty day moving average is $5.95 and its 200-day moving average is $7.75. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the firm earned $0.12 EPS. Shoals Technologies Group’s revenue for the quarter was down 16.7% on a year-over-year basis. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Shoals Technologies Group by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after purchasing an additional 130,434 shares in the last quarter. Clearbridge Investments LLC grew its holdings in shares of Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after purchasing an additional 233,377 shares during the last quarter. Eagle Asset Management Inc. boosted its position in Shoals Technologies Group by 423.6% during the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock valued at $18,417,000 after buying an additional 958,793 shares during the period. M&G Plc purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter worth about $7,021,000. Finally, First Trust Advisors LP increased its stake in Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock valued at $33,854,000 after purchasing an additional 538,908 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SHLS shares. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their target price for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, UBS Group cut their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.