Shoals Technologies Group (NASDAQ:SHLS) Trading Down 4.7% - Here's Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) was down 4.7% on Monday . The company traded as low as $3.20 and last traded at $3.25. Approximately 614,426 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 5,715,399 shares. The stock had previously closed at $3.41.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Oppenheimer reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a research report on Tuesday, January 28th. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. Mizuho lowered their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Jefferies Financial Group cut their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a report on Wednesday, March 12th. Finally, Barclays lowered their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research note on Friday, January 17th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $8.87.

Shoals Technologies Group Stock Up 1.5 %

The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm's 50 day moving average price is $3.45 and its two-hundred day moving average price is $4.50. The company has a market capitalization of $564.44 million, a P/E ratio of 16.90, a PEG ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue was down 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the transaction, the chief executive officer now owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 in the last ninety days. 1.67% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Shoals Technologies Group by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after buying an additional 1,125,938 shares during the period. Invesco Ltd. increased its position in Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after purchasing an additional 1,098,577 shares during the period. Encompass Capital Advisors LLC raised its stake in Shoals Technologies Group by 14.5% during the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after buying an additional 683,642 shares during the last quarter. Finally, 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 period.

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.