Insider Selling: Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Sells 5,800 Shares of Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Jeffery Tolnar sold 5,800 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $17,806.00. Following the completion of the sale, the president now owns 256,126 shares in the company, valued at approximately $786,306.82. This represents a 2.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $2.82 on Friday. The company has a market capitalization of $470.09 million, a price-to-earnings ratio of 14.10, a PEG ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 12 month low of $2.77 and a 12 month high of $13.44. The firm’s 50-day moving average is $4.58 and its 200 day moving average is $5.05. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.12 earnings per share. Research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. Creative Planning boosted its position in Shoals Technologies Group by 115.5% in the 3rd quarter. Creative Planning now owns 33,288 shares of the company’s stock valued at $187,000 after buying an additional 17,844 shares during the period. Janney Montgomery Scott LLC purchased a new stake in Shoals Technologies Group in the 3rd quarter valued at about $833,000. Van ECK Associates Corp boosted its position in Shoals Technologies Group by 1.9% in the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares during the period. Impax Asset Management Group plc boosted its position in Shoals Technologies Group by 19.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after buying an additional 249,582 shares during the period. Finally, M&G PLC boosted its position in Shoals Technologies Group by 2.9% in the 3rd quarter. M&G PLC now owns 1,204,642 shares of the company’s stock valued at $7,228,000 after buying an additional 34,428 shares during the period.

Analysts Set New Price Targets

A number of analysts have issued reports on SHLS shares. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a report on Tuesday, January 28th. Barclays reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Wolfe Research started coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Finally, Roth Mkm reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.95.

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.