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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares 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 bought 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The shares were purchased 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 owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. UBS Group cut their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, November 15th. Barclays lowered their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. 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. Finally, Northland Securities lowered their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.58.

Shoals Technologies Group Trading Up 9.8 %

The stock has a market cap of $805.16 million, a PE ratio of 24.15, a PEG ratio of 0.64 and a beta of 1.73. 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 stock’s fifty day moving average price is $5.36 and its 200 day moving average price is $6.04.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of hedge funds have recently added to or reduced their stakes in the stock. M&G Plc bought a new position in Shoals Technologies Group in the second quarter valued at about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after purchasing an additional 69,193 shares during the period. Swedbank AB purchased a new position in shares of Shoals Technologies Group in the first quarter worth approximately $25,268,000. Skandinaviska Enskilda Banken AB publ boosted its holdings in shares of Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after buying an additional 93,400 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its position in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period.

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.