Insider Selling: Shoals Technologies Group (NASDAQ:SHLS) CFO Sells 54,449 Shares of Stock

Key Points

• Shoals Technologies Group CFO Dominic Bardos sold 54,449 shares on May 8 at an average price of $8.48, totaling about $461,728. After the sale, he still held 394,979 shares, a 12.12% reduction in his position.
• SHLS shares rose 12.8% to $8.84 on Friday, with trading volume well above average at 8.53 million shares.
• The company recently beat quarterly expectations, reporting EPS of $0.07 versus $0.06 expected and revenue of $140.56 million versus $129.16 million expected, while analysts maintain a consensus rating of “Moderate Buy” with an average target of $9.64.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) CFO Dominic Bardos sold 54,449 shares of the firm's stock in a transaction dated Friday, May 8th. The stock was 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 directly owned 394,979 shares in the company, valued at $3,349,421.92. This represents a 12.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shoals Technologies Group Trading Up 12.8%

SHLS stock traded up $1.00 during trading on Friday, hitting $8.84. The company had a trading volume of 8,525,969 shares, compared to its average volume of 5,144,906. The firm has a market capitalization of $1.48 billion, a P/E ratio of 44.20, a PEG ratio of 0.95 and a beta of 1.74. Shoals Technologies Group, Inc. has a 52-week low of $3.81 and a 52-week high of $11.36. The company has a 50 day simple moving average of $6.75 and a 200-day simple moving average of $8.33. The company has a quick ratio of 1.32, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business's quarterly revenue was up 74.4% compared to the same quarter last year. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on SHLS. Royal Bank Of Canada reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an "outperform" rating on the stock in a report on Wednesday, February 25th. Barclays reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an "overweight" rating on the stock in a report on Wednesday, February 25th. Needham & Company LLC restated a "buy" rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Wednesday. Wells Fargo & Company reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 25th. Finally, The Goldman Sachs Group restated a "buy" rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $9.64.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in shares of Shoals Technologies Group by 292.5% in the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company's stock worth $353,000 after buying an additional 79,392 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Shoals Technologies Group by 184.7% in the 1st quarter. AQR Capital Management LLC now owns 922,358 shares of the company's stock valued at $2,975,000 after acquiring an additional 598,407 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Shoals Technologies Group in the 1st quarter valued at $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Shoals Technologies Group by 8.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company's stock valued at $1,718,000 after acquiring an additional 38,983 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Shoals Technologies Group by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company's stock valued at $832,000 after acquiring an additional 3,601 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.