Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $4.40, but opened at $4.66. Shoals Technologies Group shares last traded at $4.70, with a volume of 1,153,906 shares trading hands.
Specifically, CEO Brandon Moss bought 22,300 shares of the business's stock in a transaction on Thursday, November 21st. The shares were acquired 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. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Wall Street Analyst Weigh In
A number of brokerages recently commented on SHLS. Northland Securities reduced their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a research note on Thursday, August 8th. Roth Capital downgraded Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a research report on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, November 15th. BNP Paribas cut shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Finally, Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a "hold" rating and a $5.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $11.58.
Check Out Our Latest Stock Report on SHLS
Shoals Technologies Group Stock Performance
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 firm's fifty day moving average price is $5.36 and its two-hundred day moving average price is $6.06. The stock has a market capitalization of $805.16 million, a PE ratio of 24.15, a price-to-earnings-growth ratio of 0.64 and a beta of 1.73.
Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analysts' expectations of $98.86 million. During the same period in the previous year, the firm posted $0.16 EPS. The firm's quarterly revenue was down 23.8% on a year-over-year basis. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.
Institutional Trading of Shoals Technologies Group
Institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after buying an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group in the 2nd quarter valued at $54,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the 3rd quarter valued at $60,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group during the 2nd quarter worth $64,000. Finally, American Trust purchased a new stake in shares of Shoals Technologies Group during the second quarter worth $68,000.
About Shoals Technologies Group
(
Get Free Report)
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.
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