Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 3.3% – Should You Sell?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) were down 3.3% during trading on Tuesday . The company traded as low as $5.22 and last traded at $5.29. Approximately 478,599 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 4,969,931 shares. The stock had previously closed at $5.47.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHLS. Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Bank of America started coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Jefferies Financial Group began coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.64.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a 50-day simple moving average of $5.03 and a 200 day simple moving average of $5.65. The firm has a market cap of $898.51 million, a P/E ratio of 26.95, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69.

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

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 6,460 shares of company stock worth $30,271 over the last three months. Company insiders own 0.36% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds have recently bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after purchasing an additional 93,400 shares during the last quarter. Wellington Management Group LLP increased its position in Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP purchased a new position in Shoals Technologies Group during the third quarter valued at $1,461,000. Handelsbanken Fonder AB boosted its holdings in Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after acquiring an additional 690,344 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group in the third quarter worth $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.