Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up Following Insider Buying Activity

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $4.40, but opened at $4.66. Shoals Technologies Group shares last traded at $4.70, with a volume of 1,153,906 shares changing hands.

Specifically, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Morgan Stanley cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, November 15th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price for the company. Guggenheim dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Finally, Northland Securities dropped their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $11.68.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a 50-day moving average of $5.39 and a 200-day moving average of $6.09. The stock has a market capitalization of $799.92 million, a price-to-earnings ratio of 23.70, a P/E/G ratio of 0.61 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue was down 23.8% compared to the same quarter last year. During the same period last year, the firm earned $0.16 earnings per share. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently modified their holdings of SHLS. Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the period. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the last quarter. Joho Capital LLC grew its holdings in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after purchasing an additional 3,387,539 shares during the period. Finally, Erste Asset Management GmbH acquired a new position in Shoals Technologies Group during the third quarter worth approximately $20,191,000.

Shoals Technologies Group Company Profile

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.