Shoals Technologies Group (NASDAQ:SHLS) Trading Down 8.2% – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares were down 8.2% during trading on Wednesday . The stock traded as low as $9.80 and last traded at $9.42. Approximately 351,434 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 3,885,223 shares. The stock had previously closed at $10.26.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. UBS Group raised their price objective on Shoals Technologies Group from $9.00 to $12.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. JPMorgan Chase & Co. increased their price target on Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Guggenheim raised their price target on Shoals Technologies Group from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Morgan Stanley reaffirmed an “equal weight” rating and set a $9.50 price objective (down from $11.00) on shares of Shoals Technologies Group in a research note on Tuesday, December 16th. Finally, Needham & Company LLC started coverage on shares of Shoals Technologies Group in a research note on Wednesday, October 22nd. They issued a “buy” rating and a $12.00 target price on the stock. Ten analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average target price of $9.40.

Shoals Technologies Group Price Performance

The stock’s 50 day moving average price is $9.11 and its 200-day moving average price is $8.19. The company has a quick ratio of 1.53, a current ratio of 2.19 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $1.67 billion, a PE ratio of 49.84, a price-to-earnings-growth ratio of 0.88 and a beta of 1.70.

Insider Activity at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 4,170 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $7.83, for a total transaction of $32,651.10. Following the transaction, the chief financial officer directly owned 412,289 shares in the company, valued at approximately $3,228,222.87. This trade represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC raised its position in Shoals Technologies Group by 449.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock worth $31,000 after buying an additional 5,910 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Shoals Technologies Group by 57.7% in the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after acquiring an additional 1,375 shares during the period. USA Financial Formulas purchased a new position in shares of Shoals Technologies Group during the fourth quarter worth $49,000. Savant Capital LLC acquired a new position in Shoals Technologies Group during the second quarter valued at $50,000. Finally, Ethic Inc. purchased a new stake in Shoals Technologies Group in the second quarter valued at $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.