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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading 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 traded.

Specifically, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now directly 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 legal filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on SHLS shares. 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. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective for the company. Truist Financial dropped their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. TD Cowen raised their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, Guggenheim dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.58.

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 stock has a market cap of $804.92 million, a price-to-earnings ratio of 24.15, a price-to-earnings-growth ratio of 0.61 and a beta of 1.73. The business’s fifty day simple moving average is $5.36 and its 200 day simple moving average is $6.06.

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

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC grew its position in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at about $54,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at about $60,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at about $64,000. Finally, American Trust bought a new position in Shoals Technologies Group in the 2nd quarter worth about $68,000.

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.