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

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price gapped up prior to trading on Friday after an insider bought additional shares in the company. 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 Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

A number of brokerages have weighed in on SHLS. TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Oppenheimer decreased their target price on 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. Finally, BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.68.

Shoals Technologies Group Stock Up 9.1 %

The company has a market capitalization of $799.92 million, a price-to-earnings ratio of 23.70, a PEG ratio of 0.61 and a beta of 1.73. The stock’s fifty day simple moving average is $5.39 and its two-hundred day simple moving average is $6.09. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the company earned $0.16 EPS. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its stake in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group during the third quarter valued at $20,191,000. Joho Capital LLC increased its stake 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 valued at $71,815,000 after purchasing an additional 3,387,539 shares during the period. Millennium Management LLC grew its holdings in Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after buying an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Shoals Technologies Group in the 1st quarter valued at approximately $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.