Shoals Technologies Group (NASDAQ:SHLS) Shares Down 6.7% - Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s share price was down 6.7% during mid-day trading on Monday . The stock traded as low as $3.18 and last traded at $3.16. Approximately 208,529 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 5,698,156 shares. The stock had previously closed at $3.38.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group reduced their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research report on Wednesday, March 12th. UBS Group decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Barclays dropped their price target on 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. Piper Sandler reduced their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Finally, 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 report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.87.

Shoals Technologies Group Price Performance

The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a fifty day simple moving average of $3.39 and a two-hundred day simple moving average of $4.44. The company has a market cap of $607.86 million, a price-to-earnings ratio of 18.20, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54.

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

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have sold 40,575 shares of company stock valued at $123,957. Company insiders own 1.67% of the company's stock.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in SHLS. Tower Research Capital LLC TRC lifted its holdings in shares of Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after acquiring an additional 2,652 shares during the period. Maven Securities LTD grew its holdings in Shoals Technologies Group by 11.1% in the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company's stock valued at $276,000 after purchasing an additional 5,000 shares during the period. Rhumbline Advisers increased its position in Shoals Technologies Group by 2.5% during the first quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock worth $826,000 after purchasing an additional 6,112 shares during the last quarter. Barclays PLC raised its stake in Shoals Technologies Group by 3.3% during the fourth quarter. Barclays PLC now owns 300,910 shares of the company's stock worth $1,665,000 after purchasing an additional 9,668 shares during the period. Finally, Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at $59,000.

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.