Shoals Technologies Group (NASDAQ:SHLS) Trading Up 4.9% - Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s share price traded up 4.9% during trading on Friday . The stock traded as high as $3.51 and last traded at $3.57. 771,162 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 5,734,483 shares. The stock had previously closed at $3.40.

Wall Street Analysts Forecast Growth

Several research firms have commented on SHLS. Roth Mkm lowered their price target 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. Mizuho decreased their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Oppenheimer cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 28th. Jefferies Financial Group decreased their target price 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, Piper Sandler decreased their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Three research 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 company presently has an average rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group Trading Down 4.7 %

The stock has a market cap of $602.85 million, a P/E ratio of 18.05, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. The firm's 50 day simple moving average is $3.36 and its two-hundred day simple moving average is $4.42. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 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 Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the firm'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 transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the stock. Cerity Partners LLC bought a new stake in Shoals Technologies Group during the first quarter worth approximately $43,000. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth $59,000. Pallas Capital Advisors LLC bought a new position in Shoals Technologies Group during the first quarter valued at about $64,000. Wealth Enhancement Advisory Services LLC acquired a new position in Shoals Technologies Group during the first quarter worth about $65,000. Finally, American Trust acquired a new stake in Shoals Technologies Group in the 4th quarter valued at about $72,000.

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.