Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 5.8% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was down 5.8% on Wednesday . The stock traded as low as $8.16 and last traded at $8.22. 2,262,373 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 5,389,258 shares. The stock had previously closed at $8.73.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHLS. Wells Fargo & Company boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. The Goldman Sachs Group raised their price target on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, July 21st. Weiss Ratings raised Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 4th. Barclays boosted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Finally, UBS Group raised their target price on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Trading Down 4.1%

The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32. The business has a 50 day moving average of $9.89 and a 200-day moving average of $8.83. The stock has a market cap of $1.40 billion, a PE ratio of 44.05, a price-to-earnings-growth ratio of 1.04 and a beta of 1.93.

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. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The company had revenue of $163.37 million during the quarter, compared to the consensus estimate of $160.03 million. During the same quarter last year, the business posted $0.10 earnings per share. Shoals Technologies Group’s revenue was up 47.4% compared to the same quarter last year. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insiders Place Their Bets

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction dated 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.81% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after acquiring an additional 7,685,515 shares during the last quarter. First Trust Advisors LP boosted its position in shares of 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 during the last quarter. Castle Hook Partners LP acquired a new stake in shares of Shoals Technologies Group in the fourth quarter worth approximately $40,095,000. Amundi grew its holdings 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 purchasing an additional 3,677,713 shares during the period. Finally, Peconic Partners LLC grew its holdings in Shoals Technologies Group by 79.8% in 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 during the period.

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.