Shoals Technologies Group (NASDAQ:SHLS) Shares Up 4.9% - What's Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price traded up 4.9% during trading on Friday . The stock traded as high as $3.51 and last traded at $3.57. 771,162 shares were traded during trading, a decline of 87% from the average session volume of 5,734,483 shares. The stock had previously closed at $3.40.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of research reports. Oppenheimer lowered their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a report on Tuesday, January 28th. The Goldman Sachs Group lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. Truist Financial cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. Finally, Mizuho cut their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group Trading Up 1.0 %

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 $3.39 and its 200-day moving average is $4.43. The stock has a market capitalization of $613.71 million, a PE ratio of 18.23, 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 other news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was 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 in the company, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SHLS. Barclays PLC increased its position in shares of Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company's stock worth $1,634,000 after acquiring an additional 59,856 shares in the last quarter. Franklin Resources Inc. increased its holdings in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in Shoals Technologies Group in the third quarter valued at about $692,000. Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group during the fourth quarter worth about $59,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth about $185,000.

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.