Shoals Technologies Group (NASDAQ:SHLS) Reaches New 12-Month Low – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $3.87 and last traded at $3.85, with a volume of 375875 shares. The stock had previously closed at $4.10.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SHLS shares. Guggenheim lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. The Goldman Sachs Group lowered their price objective on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Barclays decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Finally, Truist Financial cut 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 report on Thursday, January 16th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Trading Up 1.3 %

The stock’s fifty day moving average price is $4.95 and its 200 day moving average price is $5.27. The stock has a market cap of $673.47 million, a P/E ratio of 20.20, a PEG ratio of 0.53 and a beta of 1.62. 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 announced its 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the business posted $0.16 EPS. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. Equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 6,460 shares of company stock valued at $30,271 in the last 90 days. Corporate insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after acquiring an additional 576,736 shares during the last quarter. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after purchasing an additional 1,125,938 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter. Invesco Ltd. raised its stake in shares of Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock worth $35,480,000 after purchasing an additional 1,098,577 shares during the last quarter. Finally, Franklin Resources Inc. lifted its holdings in shares of Shoals Technologies Group by 16.1% during 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 in the last quarter.

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.