Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 3.3% – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) dropped 3.3% on Friday . The stock traded as low as $5.85 and last traded at $5.85. Approximately 948,919 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,981,007 shares. The stock had previously closed at $6.05.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on SHLS shares. 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 research report on Friday, September 6th. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price for the company. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Piper Sandler reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group Trading Down 2.1 %

The company has a market cap of $986.86 million, a price-to-earnings ratio of 29.60, a PEG ratio of 0.64 and a beta of 1.69. The firm has a 50 day moving average price of $5.10 and a two-hundred day moving average price of $5.60. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company 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%. The firm’s revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In related news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold 6,460 shares of company stock worth $30,271 over the last three months. 1.67% of the stock is currently owned by insiders.

Institutional Trading of Shoals Technologies Group

Large investors have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group during the third quarter valued at approximately $20,191,000. Millennium Management LLC boosted its holdings in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter. Verition Fund Management LLC lifted its holdings in Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after buying an additional 2,034,291 shares during the period. Finally, Wellington Management Group LLP increased its stake 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 worth $73,533,000 after acquiring an additional 1,666,691 shares in the last quarter.

Shoals Technologies Group Company Profile

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.