Shoals Technologies Group (NASDAQ:SHLS) Shares Down 5.8% - Should You Sell?

Key Points

• Shoals Technologies shares fell 5.8% to $8.22, with trading volume 58% below the average session volume.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” from 17 analysts and an average price target of $10.71.
• The company exceeded quarterly expectations, reporting $0.12 EPS versus $0.10 expected and $163.37 million in revenue, up 47.4% year over year.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares were down 5.8% on Wednesday . The stock traded as low as $8.16 and last traded at $8.22. 2,262,373 shares were traded during trading, a decline of 58% from the average session volume of 5,389,258 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

SHLS has been the topic of several recent research reports. Royal Bank Of Canada boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an "outperform" rating in a research report on Wednesday, August 5th. Needham & Company LLC reiterated a "buy" rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Roth Capital reissued a "buy" rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Jefferies Financial Group upped their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company increased their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, June 11th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.71.

Shoals Technologies Group Trading Down 4.1%

The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of 44.05, a price-to-earnings-growth ratio of 1.04 and a beta of 1.93. The business's 50 day moving average price is $9.89 and its 200-day moving average price is $8.83. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million during the quarter, compared to the consensus estimate of $160.03 million. During the same quarter last year, the firm earned $0.10 earnings per share. The firm's revenue was up 47.4% compared to the same quarter last year. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares of the company's stock, valued at $1,029,736.38. This trade represents a 9.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.81% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV purchased a new stake in Shoals Technologies Group during the first quarter worth about $30,000. PNC Financial Services Group Inc. increased its holdings in Shoals Technologies Group by 378.0% in the first 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 in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Shoals Technologies Group in the first quarter valued at about $57,000. Tower Research Capital LLC TRC lifted its position in shares of Shoals Technologies Group by 468.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company's stock valued at $66,000 after acquiring an additional 12,788 shares during the period. Finally, Miller Howard Investments Inc. NY acquired a new stake in shares of Shoals Technologies Group during the 1st quarter valued at approximately $70,000.

Shoals Technologies Group Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source