Shoals Technologies Group (NASDAQ:SHLS) Shares Up 6.6% - Still a Buy?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) were up 6.6% during mid-day trading on Monday . The company traded as high as $3.41 and last traded at $3.35. Approximately 1,486,973 shares changed hands during trading, a decline of 74% from the average daily volume of 5,657,280 shares. The stock had previously closed at $3.14.

Analyst Ratings Changes

SHLS has been the topic of a number of research reports. Jefferies Financial Group lowered their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. Barclays dropped their price target on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. Mizuho decreased their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a research report on Friday, January 24th. JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a research note on Thursday, January 23rd. Finally, Truist Financial cut their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $8.87.

Shoals Technologies Group Trading Up 1.5 %

The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business's fifty day moving average is $3.56 and its 200-day moving average is $4.57. The stock has a market capitalization of $569.45 million, a PE ratio of 17.05, a P/E/G ratio of 0.52 and a beta of 1.54.

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

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 40,575 shares of company stock worth $123,957 in the last three months. 1.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently bought and sold shares of SHLS. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after acquiring an additional 576,736 shares during the period. Wellington Management Group LLP raised its position in Shoals Technologies Group by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after purchasing an additional 1,125,938 shares during the period. Invesco Ltd. lifted its stake in shares of Shoals Technologies Group by 20.7% during the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock worth $35,480,000 after purchasing an additional 1,098,577 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Shoals Technologies Group by 14.5% in the fourth quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock worth $29,919,000 after buying an additional 683,642 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 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.