Shoals Technologies Group (NASDAQ:SHLS) Stock Price Up 9.3% – Here’s Why

22 Dec 2024, 11:22 by Michael Walen · The Markets Daily

Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Free Report)’s stock price rose 9.3% on Friday . The stock traded as high as $4.96 and last traded at $4.96. Approximately 2,422,866 shares were traded during trading, a decline of 51% from the average daily volume of 4,954,696 shares. The stock had previously closed at $4.54.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SHLS. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective 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 for the company in a research report on Thursday, November 21st. Bank of America assumed coverage on Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective on the stock. Finally, Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.64.

Read Our Latest Stock Analysis on SHLS

Shoals Technologies Group Trading Up 12.8 %

The business’s fifty day moving average is $5.01 and its two-hundred day moving average is $5.69. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market cap of $853.50 million, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period last year, the business posted $0.16 earnings per share. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction that occurred on 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 purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders have sold 6,460 shares of company stock worth $30,271. Company insiders own 1.67% of the company’s stock.

Hedge Funds Weigh In On Shoals Technologies Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas bought a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $692,000. Franklin Resources Inc. increased its holdings in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after purchasing an additional 658,617 shares during the last quarter. Barclays PLC lifted its stake in Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company’s stock valued at $1,634,000 after buying an additional 59,856 shares during the period. Y Intercept Hong Kong Ltd grew its position in shares of Shoals Technologies Group by 33.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after buying an additional 37,008 shares during the period. Finally, XTX Topco Ltd grew its position in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after buying an additional 104,850 shares during the period.

Shoals Technologies Group Company Profile

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