Shoals Technologies Group (NASDAQ:SHLS) Trading Down 3.3% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price was down 3.3% during trading on Tuesday . The stock traded as low as $5.22 and last traded at $5.29. Approximately 478,599 shares changed hands during trading, a decline of 90% from the average daily volume of 4,969,931 shares. The stock had previously closed at $5.47.

Analyst Ratings Changes

Several equities research analysts recently commented on SHLS shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Finally, Roth Mkm lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market capitalization of $898.51 million, a PE ratio of 26.95, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company’s fifty day moving average is $5.03 and its 200-day moving average is $5.65.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the company earned $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 6,460 shares of company stock worth $30,271 over the last ninety days. Corporate insiders own 0.36% of the company’s stock.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the business. Oddo BHF Asset Management Sas bought a new position in shares of Shoals Technologies Group in the 3rd quarter valued at about $692,000. Franklin Resources Inc. lifted its stake in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after purchasing an additional 658,617 shares during the last quarter. Barclays PLC lifted its stake in shares of Shoals Technologies Group by 25.9% in the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock valued at $1,634,000 after purchasing an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its holdings in shares of Shoals Technologies Group by 33.6% in the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after purchasing an additional 37,008 shares during the period. Finally, XTX Topco Ltd increased its position in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock valued at $758,000 after purchasing an additional 104,850 shares during the last quarter.

About Shoals Technologies Group

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.