Insider Selling: Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Sells 2,110 Shares of Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Jeffery Tolnar sold 2,110 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $6.34, for a total value of $13,377.40. Following the sale, the president now directly owns 125,761 shares of the company’s stock, valued at $797,324.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Shoals Technologies Group Stock Down 2.2 %

Shares of NASDAQ SHLS opened at $6.13 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock has a market capitalization of $1.04 billion, a PE ratio of 34.06, a P/E/G ratio of 0.91 and a beta of 1.74. Shoals Technologies Group, Inc. has a one year low of $4.88 and a one year high of $20.63. The business’s fifty day moving average price is $5.93 and its 200-day moving average price is $7.68.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company’s revenue was down 16.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 earnings per share. On average, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Barclays dropped their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Truist Financial dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Oppenheimer reduced their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Finally, Roth Mkm cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.06.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently modified their holdings of SHLS. William Blair Investment Management LLC grew its stake in Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Joho Capital LLC boosted its holdings in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the period. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. Millennium Management LLC grew its position in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $25,268,000.

About Shoals Technologies Group

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.