Shoals Technologies Group (NASDAQ:SHLS) Trading Down 5% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price dropped 5% on Monday . The company traded as low as $4.19 and last traded at $4.19. Approximately 585,431 shares were traded during trading, a decline of 88% from the average daily volume of 4,940,746 shares. The stock had previously closed at $4.41.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHLS. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Roth Mkm dropped their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Price Performance

The firm’s 50-day moving average is $5.04 and its 200-day moving average is $5.72. 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 market capitalization of $820.16 million, a PE ratio of 24.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 EPS. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. 0.36% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors have recently added to or reduced their stakes in the company. Oddo BHF Asset Management Sas purchased a new stake in Shoals Technologies Group in the third quarter worth about $692,000. Franklin Resources Inc. boosted its position 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 worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Barclays PLC grew its stake in shares of Shoals Technologies Group by 25.9% in the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock worth $1,634,000 after buying an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Shoals Technologies Group by 33.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock valued at $826,000 after buying an additional 37,008 shares in the last quarter. Finally, XTX Topco Ltd raised its stake in Shoals Technologies Group by 346.6% during the third quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock valued at $758,000 after buying an additional 104,850 shares during the last quarter.

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.