Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Sells $13,377.40 in Stock

Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Jeffery Tolnar sold 2,110 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $6.34, for a total value of $13,377.40. Following the completion of the transaction, the president now directly owns 125,761 shares of the company’s stock, valued at approximately $797,324.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $6.13 on Friday. The firm has a market cap of $1.04 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.91 and a beta of 1.74. Shoals Technologies Group, Inc. has a 52-week low of $4.88 and a 52-week high of $20.63. The business’s 50 day moving average price is $5.93 and its two-hundred day moving average price is $7.68. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. On average, equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in SHLS. Mirae Asset Global Investments Co. Ltd. raised its stake in Shoals Technologies Group by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after buying an additional 130,434 shares during the period. Clearbridge Investments LLC lifted its holdings in shares of Shoals Technologies Group by 2.7% in the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares in the last quarter. Eagle Asset Management Inc. grew its position in Shoals Technologies Group by 423.6% in the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock valued at $18,417,000 after purchasing an additional 958,793 shares during the period. M&G Plc acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at $7,021,000. Finally, First Trust Advisors LP increased its stake in Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock valued at $33,854,000 after purchasing an additional 538,908 shares in the last quarter.

Analyst Ratings Changes

Several analysts have recently weighed in on SHLS shares. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $7.00 in a report on Wednesday, August 7th. Barclays dropped their price target on shares of Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Oppenheimer cut their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Jefferies Financial Group initiated coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average target price of $11.06.

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.