Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Free Report) traded down 7.8% during trading on Thursday . The stock traded as low as $7.29 and last traded at $7.33. 1,621,731 shares traded hands during trading, a decline of 70% from the average daily volume of 5,326,837 shares. The stock had previously closed at $7.95.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on SHLS. Wells Fargo & Company raised their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, June 11th. Barclays lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. boosted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. Finally, Jefferies Financial Group raised their target price on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.71.
Check Out Our Latest Stock Analysis on SHLS
Shoals Technologies Group Trading Down 9.4%
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 5.41% and a return on equity of 10.07%. Shoals Technologies Group’s revenue for the quarter was up 47.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.10 EPS. Equities research analysts expect that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.
Insider Buying and Selling at Shoals Technologies Group
In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.81% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Shoals Technologies Group by 3.7% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 32,055 shares of the company’s stock valued at $274,000 after buying an additional 1,147 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Shoals Technologies Group by 5.1% during the fourth quarter. Bank of Montreal Can now owns 33,510 shares of the company’s stock worth $285,000 after acquiring an additional 1,620 shares during the last quarter. Federated Hermes Inc. grew its stake in Shoals Technologies Group by 1.1% during the fourth quarter. Federated Hermes Inc. now owns 165,278 shares of the company’s stock valued at $1,405,000 after acquiring an additional 1,812 shares in the last quarter. Principal Financial Group Inc. grew its stake in Shoals Technologies Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock valued at $2,593,000 after acquiring an additional 1,883 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its holdings in Shoals Technologies Group by 20.3% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,670 shares of the company’s stock valued at $116,000 after acquiring an additional 2,304 shares during the last quarter.
Shoals Technologies Group Company Profile
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.
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