Shoals Technologies Group (NASDAQ:SHLS) Trading Up 11.2% – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price was up 11.2% during trading on Monday . The company traded as high as $9.66 and last traded at $9.6310. Approximately 1,600,199 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 2,994,365 shares. The stock had previously closed at $8.66.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SHLS. Guggenheim lifted their price target on Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. Wells Fargo & Company lifted their target price on Shoals Technologies Group from $6.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Needham & Company LLC initiated coverage on shares of Shoals Technologies Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Shoals Technologies Group from $8.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Finally, Barclays raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $7.00 to $10.00 in a research report on Thursday, October 2nd. Twelve equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $8.76.

Shoals Technologies Group Trading Up 11.1%

The stock has a market cap of $1.61 billion, a price-to-earnings ratio of 48.10, a P/E/G ratio of 0.73 and a beta of 1.70. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.19 and a quick ratio of 1.53. The company’s fifty day moving average price is $8.60 and its 200-day moving average price is $7.56.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 4th. The company reported $0.12 EPS for the quarter, hitting analysts’ consensus estimates of $0.12. Shoals Technologies Group had a net margin of 7.66% and a return on equity of 8.50%. The company had revenue of $135.80 million during the quarter, compared to analysts’ expectations of $131.37 million. On average, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 4,170 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $7.83, for a total value of $32,651.10. Following the transaction, the chief financial officer directly owned 412,289 shares of the company’s stock, valued at $3,228,222.87. This represents a 1.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SHLS. Nisa Investment Advisors LLC raised its stake in shares of Shoals Technologies Group by 449.1% in the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock worth $31,000 after purchasing an additional 5,910 shares during the last quarter. GAMMA Investing LLC raised its position in Shoals Technologies Group by 57.7% during the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after buying an additional 1,375 shares during the last quarter. Savant Capital LLC acquired a new stake in Shoals Technologies Group during the 2nd quarter valued at approximately $50,000. Ethic Inc. purchased a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at $54,000. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Shoals Technologies Group in the third quarter worth $54,000.

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.