Shoals Technologies Group (NASDAQ:SHLS) Trading Down 6.7% - Should You Sell?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded down 6.7% during trading on Monday . The stock traded as low as $3.18 and last traded at $3.16. 208,529 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 5,698,156 shares. The stock had previously closed at $3.38.

Wall Street Analyst Weigh In

SHLS has been the subject of several analyst reports. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. The Goldman Sachs Group 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 report on Wednesday, February 26th. Barclays cut their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. Roth Mkm lowered their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Finally, Wolfe Research started coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has a consensus rating of "Hold" and an average price target of $8.87.

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's 50-day moving average is $3.39 and its two-hundred day moving average is $4.44. The firm has a market cap of $607.86 million, a P/E ratio of 18.20, a PEG ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share 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 firm'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 business earned $0.12 EPS. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was 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 $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last quarter. Insiders own 1.67% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC increased its position in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new stake in Shoals Technologies Group during the fourth quarter worth about $59,000. Pallas Capital Advisors LLC bought a new stake in Shoals Technologies Group in the first quarter worth about $64,000. Wealth Enhancement Advisory Services LLC purchased a new position in Shoals Technologies Group in the first quarter valued at about $65,000. Finally, American Trust bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at approximately $72,000.

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.