Shoals Technologies Group (NASDAQ:SHLS) Stock Price Down 7.8% – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) traded down 7.8% during mid-day trading on Thursday . The company traded as low as $7.29 and last traded at $7.33. Approximately 1,621,731 shares were traded during trading, a decline of 70% from the average session volume of 5,326,837 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

SHLS has been the topic of several research reports. Jefferies Financial Group lifted their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Barclays upped their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Oppenheimer reiterated an “outperform” rating and issued a $13.00 price target on shares of Shoals Technologies Group in a report on Tuesday, August 4th. The Goldman Sachs Group boosted their price target on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The stock has a market cap of $1.19 billion, a P/E ratio of 37.32, a price-to-earnings-growth ratio of 0.91 and a beta of 1.93. The firm’s 50 day moving average is $9.43 and its 200 day moving average is $8.74.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The company had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same quarter in the prior year, the company posted $0.10 earnings per share. Shoals Technologies Group’s revenue for the quarter was up 47.4% compared to the same quarter last year. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group 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 of the company’s stock, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its holdings in Shoals Technologies Group by 151.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after buying an additional 7,685,515 shares during the period. First Trust Advisors LP raised its position in Shoals Technologies Group by 1,493.0% during the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after buying an additional 5,934,223 shares during the last quarter. Castle Hook Partners LP acquired a new stake in Shoals Technologies Group during the 4th quarter valued at approximately $40,095,000. Amundi lifted its stake in Shoals Technologies Group by 175.2% during the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the period. Finally, Peconic Partners LLC boosted its holdings in shares of Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after acquiring an additional 3,095,186 shares during the last quarter.

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.