Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up After Insider Buying Activity

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $4.40, but opened at $4.66. Shoals Technologies Group shares last traded at $4.70, with a volume of 1,153,906 shares.

Specifically, CEO Brandon Moss purchased 22,300 shares of the business’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 acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Oppenheimer lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. Northland Securities reduced their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Piper Sandler lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.58.

Shoals Technologies Group Stock Up 9.8 %

The business has a 50-day moving average price of $5.36 and a 200 day moving average price of $6.04. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $805.16 million, a P/E ratio of 24.15, a P/E/G ratio of 0.64 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the business earned $0.16 EPS. Shoals Technologies Group’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the last quarter. Wellington Management Group LLP increased its position in Shoals Technologies Group by 14.6% during the third 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 Asset Management L.P. increased its position in Shoals Technologies Group by 460.1% during the third 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. Joho Capital LLC raised its stake in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares during the period. Finally, Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth about $20,191,000.

Shoals Technologies Group Company Profile

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.