Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.3% - Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded down 3.3% on Friday . The company traded as low as $5.85 and last traded at $5.85. 948,919 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,981,007 shares. The stock had previously closed at $6.05.

Analyst Ratings Changes

SHLS has been the subject of several research analyst reports. The Goldman Sachs Group reduced their target price on Shoals Technologies Group from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, December 17th. Bank of America started coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a "buy" rating and a $6.00 price objective for the company. Guggenheim dropped their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Roth Mkm reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Friday, September 6th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Hold" and an average target price of $10.64.

Shoals Technologies Group Trading Down 2.0 %

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 has a market capitalization of $988.53 million, a PE ratio of 29.65, a P/E/G ratio of 0.64 and a beta of 1.69. The business has a 50 day moving average price of $5.12 and a 200-day moving average price of $5.60.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company's quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.16 earnings per share. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 593,700 shares of the company's stock, valued at $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 6,460 shares of company stock valued at $30,271. Corporate insiders own 1.67% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Point72 Asset Management L.P. increased its position in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after purchasing an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth $20,191,000. Millennium Management LLC increased its holdings in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock worth $21,039,000 after buying an additional 2,442,227 shares during the last quarter. Verition Fund Management LLC raised its position in shares of Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company's stock worth $12,629,000 after buying an additional 2,034,291 shares during the period. Finally, Wellington Management Group LLP grew its position in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period.

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.