Shoals Technologies Group (NASDAQ:SHLS) Shares Up 2.2% - What's Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s share price traded up 2.2% on Friday . The company traded as high as $5.56 and last traded at $5.56. 2,800,571 shares changed hands during trading, a decline of 44% from the average session volume of 4,967,093 shares. The stock had previously closed at $5.44.

Analyst Ratings Changes

A number of equities research analysts have commented on SHLS shares. Bank of America began coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a "buy" rating and a $6.00 target price for the company. TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Roth Mkm decreased their target price on Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Royal Bank of Canada reissued an "outperform" rating and set a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Finally, Guggenheim decreased 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 Thursday, November 21st. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group presently has a consensus rating of "Hold" and an average price target of $10.64.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business's fifty day moving average price is $5.05 and its two-hundred day moving average price is $5.64. The stock has a market capitalization of $940.18 million, a P/E ratio of 28.20, a P/E/G ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (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 the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group's revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 earnings per share. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, 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 is available at the SEC website. In the last three months, insiders sold 6,460 shares of company stock valued at $30,271. Insiders own 0.36% of the company's stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock worth $73,533,000 after buying an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the period. Franklin Resources Inc. increased its position in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after purchasing an additional 658,617 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at about $20,191,000. Finally, Millennium Management LLC raised its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after purchasing an additional 2,442,227 shares in 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.