Shoals Technologies Group (NASDAQ:SHLS) Shares Down 5% - Here's What Happened

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) traded down 5% on Monday . The company traded as low as $4.19 and last traded at $4.19. 585,431 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 4,940,746 shares. The stock had previously closed at $4.41.

Analyst Ratings Changes

Several research firms have commented on SHLS. Guggenheim lowered their price objective 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, November 21st. Truist Financial lowered their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Friday, September 6th. Bank of America began coverage on Shoals Technologies Group in a research note on Monday, November 25th. They set a "buy" rating and a $6.00 price objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research report on Monday, October 14th. They set an "equal weight" rating and a $46.00 target price on the stock. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of "Hold" and an average price target of $11.31.

Shoals Technologies Group Stock Down 5.4 %

The stock has a market cap of $695.14 million, a PE ratio of 21.70, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The business has a fifty day moving average of $5.06 and a 200-day moving average of $5.77. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group's quarterly revenue was down 23.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, for a total transaction 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last quarter, insiders sold 6,460 shares of company stock valued at $30,271. Company insiders own 1.67% of the company's stock.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new stake in Shoals Technologies Group in the third quarter valued at approximately $692,000. Franklin Resources Inc. lifted its holdings in shares of Shoals Technologies Group by 16.1% during 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 during the last quarter. Barclays PLC boosted its position in shares of Shoals Technologies Group by 25.9% in the 3rd quarter. Barclays PLC now owns 291,242 shares of the company's stock worth $1,634,000 after purchasing an additional 59,856 shares in the last quarter. Y Intercept Hong Kong Ltd grew its stake in Shoals Technologies Group by 33.6% during the 3rd 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 increased its position in Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company's stock valued at $758,000 after buying 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.