Shoals Technologies Group (NASDAQ:SHLS) Trading 9.3% Higher - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s share price was up 9.3% on Friday . The stock traded as high as $4.96 and last traded at $4.96. Approximately 2,422,866 shares changed hands during trading, a decline of 51% from the average daily volume of 4,954,696 shares. The stock had previously closed at $4.54.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHLS. TD Cowen increased their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a "hold" rating and a $5.00 target price for the company. Guggenheim lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Piper Sandler cut their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating for the company in a research report on Friday, November 22nd. Finally, Roth Mkm reduced their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating on the stock in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $10.64.

Shoals Technologies Group Price Performance

The company has a market capitalization of $853.50 million, a PE ratio of 25.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. 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's 50 day simple moving average is $5.01 and its 200-day simple moving average is $5.69.

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

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the business's stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after buying an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after purchasing an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group during the third quarter worth about $20,191,000. Finally, Millennium Management LLC lifted its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during 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.