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

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Monday, February 9th. Jefferies Financial Group dropped their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Barclays lowered their price target on Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Morgan Stanley lowered their price target on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a report on Wednesday, February 25th. Finally, Citigroup raised their price target on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Trading Down 16.8%

The business has a fifty 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 price-to-earnings ratio of 53.17, a price-to-earnings-growth ratio of 1.51 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $140.56 million for the quarter, compared to analyst estimates of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.Shoals Technologies Group’s revenue was up 74.4% on a year-over-year basis. On average, equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction dated 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 of the company’s stock, valued at $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after acquiring an additional 404,133 shares during the period. Price T Rowe Associates Inc. MD increased its stake in 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 purchasing an additional 7,685,515 shares in the last quarter. First Trust Advisors LP increased its stake in Shoals Technologies Group by 15.4% in the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after purchasing an additional 972,382 shares in the last quarter. Peconic Partners LLC increased its stake in Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares in the last quarter. Finally, UBS Group AG increased its stake in Shoals Technologies Group by 87.6% in the 4th quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after purchasing an additional 2,867,959 shares in the last quarter.

About Shoals Technologies Group

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.