Shoals Technologies Group (NASDAQ:SHLS) Trading 7.2% Higher - Here's Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded up 7.2% during trading on Thursday . The company traded as high as $5.99 and last traded at $5.93. 3,266,242 shares traded hands during trading, a decline of 34% from the average session volume of 4,978,896 shares. The stock had previously closed at $5.53.

Analysts Set New Price Targets

Several brokerages have issued reports on SHLS. Morgan Stanley upgraded Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Wells Fargo & Company started 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 price target on the stock. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a "hold" rating and a $5.00 price objective for the company. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, December 17th. Finally, Citigroup raised shares of Shoals Technologies Group from a "sell" rating to a "neutral" rating and increased their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $10.64.

Shoals Technologies Group Price Performance

The company's 50 day simple moving average is $5.08 and its 200 day simple moving average is $5.60. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The stock has a market cap of $1.01 billion, a P/E ratio of 30.25, a P/E/G ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 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 the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group's quarterly revenue was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the company's stock in a transaction on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Oddo BHF Asset Management Sas bought a new position in Shoals Technologies Group in the third quarter valued at approximately $692,000. Franklin Resources Inc. boosted its holdings in shares of 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 buying an additional 658,617 shares during the last quarter. Barclays PLC grew its stake 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 valued at $1,634,000 after buying an additional 59,856 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Shoals Technologies Group by 33.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company's stock worth $826,000 after buying an additional 37,008 shares during the last quarter. Finally, XTX Topco Ltd raised its position in Shoals Technologies Group by 346.6% during the third quarter. XTX Topco Ltd now owns 135,104 shares of the company's stock worth $758,000 after acquiring an additional 104,850 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.