Shoals Technologies Group (NASDAQ:SHLS) Trading 6.2% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price shot up 6.2% on Wednesday . The stock traded as high as $4.31 and last traded at $4.33. 496,973 shares traded hands during trading, a decline of 92% from the average session volume of 6,229,085 shares. The stock had previously closed at $4.08.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHLS. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a research note on Tuesday, December 17th. TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Oppenheimer reduced their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Guggenheim reduced 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 note on Thursday, November 21st. Finally, Mizuho reduced their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Stock Performance

The business’s 50-day simple moving average is $4.91 and its two-hundred day simple moving average is $5.20. The firm has a market cap of $737.65 million, a price-to-earnings ratio of 22.13, a P/E/G ratio of 0.45 and a beta of 1.62. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Insiders Place Their Bets

In related news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, 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 filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 6,460 shares of company stock worth $30,271. Company insiders own 0.36% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after purchasing an additional 576,736 shares during the last quarter. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after acquiring an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Shoals Technologies Group by 460.1% in 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 acquiring an additional 5,622,207 shares during the last quarter. Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Finally, Encompass Capital Advisors LLC raised its holdings in Shoals Technologies Group by 14.5% in the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock valued at $29,919,000 after acquiring an additional 683,642 shares during 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.