Shoals Technologies Group (NASDAQ:SHLS) Trading 7.2% Higher – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded up 7.2% on Thursday . The company traded as high as $5.99 and last traded at $5.93. 3,266,242 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 4,978,896 shares. The stock had previously closed at $5.53.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SHLS shares. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a report on Tuesday, December 17th. JPMorgan Chase & Co. decreased their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target for the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their target price for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Finally, Barclays decreased their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Trading Down 2.0 %

The firm’s fifty day moving average price is $5.12 and its two-hundred day moving average price is $5.60. 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 has a market cap of $988.53 million, a P/E ratio of 29.65, a PEG ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.16 EPS. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently bought and sold shares of SHLS. Skandinaviska Enskilda Banken AB publ increased its holdings in Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after acquiring an additional 93,400 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group in the third quarter valued at $1,461,000. Handelsbanken Fonder AB raised its stake in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after purchasing an additional 690,344 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new position in Shoals Technologies Group during the third quarter valued at $20,191,000.

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.