Shoals Technologies Group (NASDAQ:SHLS) Shares Up 4.5% - What's Next?

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

Analyst Ratings Changes

A number of equities research analysts have commented on SHLS shares. Roth Mkm reduced their target price on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Piper Sandler reduced their target price on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Royal Bank of Canada reduced their target price on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Wolfe Research started coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They issued a "peer perform" rating for the company. Finally, Guggenheim raised their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Friday, May 9th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average price target of $8.40.

Shoals Technologies Group Trading Up 10.9%

The business has a 50 day simple moving average of $3.97 and a 200-day simple moving average of $4.31. 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 stock has a market capitalization of $799.10 million, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. During the same period in the previous year, the business posted $0.07 earnings per share. The firm's quarterly revenue was down 11.2% on a year-over-year basis. On average, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group 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 transaction, the chief executive officer now directly 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 40,575 shares of company stock valued at $123,957 in the last three months. Corporate insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of SHLS. MQS Management LLC purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $43,000. Cerity Partners LLC purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $43,000. Caitong International Asset Management Co. Ltd purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $44,000. Virtu Financial LLC purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $46,000. Finally, FORA Capital LLC purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $51,000.

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.