Shoals Technologies Group (NASDAQ:SHLS) Sees Large Volume Increase

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares saw an uptick in trading volume on Monday . 6,436,592 shares were traded during mid-day trading, an increase of 55% from the previous session's volume of 4,156,954 shares.The stock last traded at $6.40 and had previously closed at $6.41.

Analyst Ratings Changes

Several brokerages have issued reports on SHLS. Cantor Fitzgerald decreased their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an "overweight" rating for the company in a research report on Wednesday, May 8th. Piper Sandler decreased their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an "overweight" rating for the company in a research report on Wednesday, May 8th. UBS Group decreased their price target on shares of Shoals Technologies Group from $28.00 to $20.00 and set a "buy" rating for the company in a research report on Friday, March 1st. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating for the company in a research report on Thursday, February 29th. Finally, Roth Capital cut shares of Shoals Technologies Group from a "buy" rating to a "neutral" rating in a research report on Tuesday, May 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.29.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $1.12 billion, a P/E ratio of 36.67 and a beta of 1.86. The business's 50 day simple moving average is $9.55 and its two-hundred day simple moving average is $12.77. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. William Blair Investment Management LLC raised its holdings in shares of Shoals Technologies Group by 71.6% in the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company's stock valued at $114,278,000 after purchasing an additional 4,263,964 shares during the last quarter. Joho Capital LLC raised its holdings in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company's stock valued at $71,815,000 after purchasing an additional 3,387,539 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company's stock valued at $200,626,000 after purchasing an additional 2,864,879 shares during the last quarter. Norges Bank purchased a new stake in Shoals Technologies Group during the fourth quarter worth about $31,416,000. Finally, Handelsbanken Fonder AB increased its holdings in Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company's stock worth $39,206,000 after buying an additional 1,894,560 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.