Shoals Technologies Group (NASDAQ:SHLS) Shares Down 3.3% - Here's Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares fell 3.3% during mid-day trading on Tuesday . The company traded as low as $5.22 and last traded at $5.29. 478,599 shares traded hands during trading, a decline of 90% from the average session volume of 4,969,931 shares. The stock had previously closed at $5.47.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an "equal weight" rating and a $46.00 target price for the company. Cantor Fitzgerald restated an "overweight" rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. TD Cowen boosted their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Bank of America started coverage on Shoals Technologies Group in a research note on Monday, November 25th. They set a "buy" rating and a $6.00 price target for the company. Finally, Piper Sandler reduced their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research note on Friday, November 22nd. Three investment 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. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and a consensus price target of $10.64.

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 company has a market capitalization of $898.51 million, a PE ratio of 26.95, a PEG ratio of 0.64 and a beta of 1.69. The firm's 50-day simple moving average is $5.02 and its 200-day simple moving average is $5.66.

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

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 6,460 shares of company stock worth $30,271 over the last three months. 1.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its position in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company's stock valued at $739,000 after buying an additional 2,517 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company's stock valued at $637,000 after buying an additional 3,699 shares in the last quarter. Point72 DIFC Ltd grew its position in shares of Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company's stock worth $341,000 after buying an additional 6,206 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock worth $1,653,000 after acquiring an additional 6,503 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.