Shoals Technologies Group (NASDAQ:SHLS) Trading Up 4.5% - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price shot up 4.5% during mid-day trading on Friday . The company traded as high as $4.55 and last traded at $4.50. 314,347 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 5,960,029 shares. The stock had previously closed at $4.31.

Analysts Set New Price Targets

Several research firms recently issued reports on SHLS. Roth Mkm dropped their target price on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. UBS Group dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada decreased their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Piper Sandler dropped their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Finally, The Goldman Sachs Group increased their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $8.45.

Shoals Technologies Group Stock Performance

The company has a fifty day moving average of $3.99 and a two-hundred day moving average of $4.31. The firm has a market capitalization of $814.14 million, a price-to-earnings ratio of 24.35, a PEG ratio of 0.52 and a beta of 1.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm's quarterly revenue was down 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 earnings per share. As a group, equities research analysts predict 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 the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This represents 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 at the SEC website. Insiders have sold 40,575 shares of company stock valued at $123,957 over the last three months. 1.67% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the business. Cerity Partners LLC acquired a new stake in Shoals Technologies Group in the first quarter valued at approximately $43,000. MQS Management LLC bought a new position in shares of Shoals Technologies Group in the 1st quarter valued at $43,000. American Trust bought a new position in shares of Shoals Technologies Group in the 4th quarter valued at $72,000. 49 Wealth Management LLC acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $74,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in Shoals Technologies Group during the 1st quarter worth $44,000.

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.