Shoals Technologies Group (NASDAQ:SHLS) Trading 6.2% Higher – Here’s Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price traded up 6.2% during trading on Wednesday . The stock traded as high as $4.31 and last traded at $4.33. 496,973 shares changed hands during trading, a decline of 92% from the average session volume of 6,229,085 shares. The stock had previously closed at $4.08.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Mizuho reduced their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Guggenheim decreased their target price on 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. Oppenheimer decreased their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. JPMorgan Chase & Co. decreased their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Finally, Morgan Stanley raised 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 equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.48.

Shoals Technologies Group Trading Up 8.5 %

The stock has a fifty day moving average of $4.91 and a 200 day moving average of $5.20. The company has a market capitalization of $737.65 million, a P/E ratio of 22.13, a PEG ratio of 0.45 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction on 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 completion of the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last three months, insiders have sold 6,460 shares of company stock valued at $30,271. 0.36% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Point72 Europe London LLP purchased a new position in Shoals Technologies Group in the third quarter worth about $1,461,000. Erste Asset Management GmbH purchased a new position in Shoals Technologies Group in the third quarter worth about $20,191,000. Roubaix Capital LLC purchased a new position in Shoals Technologies Group in the third quarter worth about $2,156,000. Finally, Verition Fund Management LLC grew its position in Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after acquiring an additional 2,034,291 shares in the last quarter.

Shoals Technologies Group Company Profile

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.