Shoals Technologies Group (NASDAQ:SHLS) Trading Down 13.9% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was down 13.9% on Friday . The company traded as low as $11.02 and last traded at $10.9950. Approximately 2,354,870 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 5,182,993 shares. The stock had previously closed at $12.77.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SHLS shares. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. TD Cowen reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. Royal Bank Of Canada reduced their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Monday, February 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Price Performance

The company has a 50 day moving average of $8.51 and a 200-day moving average of $8.44. The stock has a market capitalization of $1.78 billion, a P/E ratio of 53.17, a PEG ratio of 1.51 and a beta of 1.90. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. The firm’s revenue for the quarter was up 74.4% compared to the same quarter last year. Sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.81% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Shoals Technologies Group by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after buying an additional 404,133 shares during the period. Price T Rowe Associates Inc. MD increased its position in Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after buying an additional 7,685,515 shares during the period. First Trust Advisors LP increased its position in Shoals Technologies Group by 15.4% in the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after buying an additional 972,382 shares during the period. Peconic Partners LLC increased its position in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after buying an additional 3,095,186 shares during the period. Finally, UBS Group AG increased its position in Shoals Technologies Group by 87.6% in the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after buying an additional 2,867,959 shares during the period.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.