Shoals Technologies Group (NASDAQ:SHLS) Share Price Breaks Above 50 Day Moving Average – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $7.57 and traded as high as $7.99. Shoals Technologies Group shares last traded at $7.60, with a volume of 4,332,762 shares.

Analyst Upgrades and Downgrades

SHLS has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 14th. The Goldman Sachs Group boosted their price target on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Mizuho reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Friday, October 16th. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $13.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Finally, Wall Street Zen lowered shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Eleven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Moderate Buy” and a consensus price target of $10.80.

Shoals Technologies Group Stock Performance

The stock has a market capitalization of $1.28 billion, a PE ratio of 40.00, a P/E/G ratio of 0.90 and a beta of 1.85. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The firm has a 50 day moving average of $7.57 and a 200-day moving average of $8.47.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. The company had revenue of $163.37 million for the quarter, compared to analysts’ expectations of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%. The business’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.10 EPS. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.35 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Several institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC increased its stake in Shoals Technologies Group by 91.3% in the 2nd quarter. Tidal Investments LLC now owns 371,409 shares of the company’s stock valued at $3,677,000 after buying an additional 177,223 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Shoals Technologies Group by 410.9% during the 2nd quarter. Squarepoint Ops LLC now owns 367,387 shares of the company’s stock valued at $3,637,000 after buying an additional 295,484 shares during the period. Great Lakes Advisors LLC purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $1,608,000. Edgestream Partners L.P. purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at $2,235,000. Finally, SEB Asset Management AB acquired a new position in shares of Shoals Technologies Group in the first quarter worth $1,315,000.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc develops electrical balance-of-system (EBOS) solutions for solar energy projects. Its products connect, protect, combine and monitor the direct-current electrical output of solar panels before electricity is converted and delivered to the broader power system.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, communication and monitoring equipment, and other electrical components used in photovoltaic installations.