Shoals Technologies Group (NASDAQ:SHLS) Trading 5.6% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 5.6% on Wednesday . The company traded as high as $7.38 and last traded at $7.2770. Approximately 4,122,345 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 5,361,460 shares. The stock had previously closed at $6.89.

Analyst Ratings Changes

SHLS has been the topic of several recent research reports. Oppenheimer restated an “outperform” rating and set a $13.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, August 4th. Royal Bank Of Canada lifted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. boosted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Jefferies Financial Group increased their price objective on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Finally, UBS Group raised their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.71.

Shoals Technologies Group Stock Performance

The company’s fifty day simple moving average is $9.20 and its 200 day simple moving average is $8.65. The stock has a market capitalization of $1.25 billion, a P/E ratio of 39.05, a P/E/G ratio of 0.90 and a beta of 1.93. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. The firm had revenue of $163.37 million for the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business’s quarterly revenue was up 47.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.10 earnings per share. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the transaction, the insider directly owned 98,918 shares in the company, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Shoals Technologies Group by 151.6% in the 4th 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 last quarter. First Trust Advisors LP grew its position in Shoals Technologies Group by 1,493.0% in the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after acquiring an additional 5,934,223 shares in the last quarter. Castle Hook Partners LP purchased a new position in Shoals Technologies Group in the fourth quarter worth $40,095,000. Amundi increased its stake in Shoals Technologies Group by 175.2% in the fourth quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the last quarter. Finally, Peconic Partners LLC raised its position in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares in the last quarter.

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.