Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 7.6% - Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares traded up 7.6% on Monday . The company traded as high as $3.50 and last traded at $3.56. 219,091 shares changed hands during trading, a decline of 96% from the average session volume of 5,573,152 shares. The stock had previously closed at $3.31.

Analysts Set New Price Targets

SHLS has been the topic of several analyst reports. Morgan Stanley raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target on the stock in a report on Tuesday, December 17th. Wolfe Research began coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a "peer perform" rating for the company. Barclays decreased their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. The Goldman Sachs Group cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Finally, Truist Financial decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.87.

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Shoals Technologies Group Stock Down 1.6 %

The business's fifty day simple moving average is $3.89 and its 200 day simple moving average is $4.84. 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 cap of $561.94 million, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 EPS. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of 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 represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 40,575 shares of company stock worth $123,957 in the last 90 days. Corporate insiders own 0.36% of the company's stock.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently modified their holdings of the company. FMR LLC raised its position in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $59,000. American Trust bought a new stake in shares of Shoals Technologies Group in the fourth quarter worth $72,000. 49 Wealth Management LLC acquired a new position in Shoals Technologies Group during the fourth quarter worth $74,000. Finally, State of Wyoming grew its position in Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company's stock valued at $84,000 after purchasing an additional 10,806 shares in the last quarter.

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.