Insider Selling: Shoals Technologies Group, Inc. (NASDAQ:SHLS) President Sells 2,110 Shares of 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 Stock Performance

Shares of SHLS stock opened at $6.27 on Friday. The firm has a 50 day moving average of $5.95 and a 200-day moving average of $7.74. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 34.84, a price-to-earnings-growth ratio of 0.91 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. Shoals Technologies Group, Inc. has a 52 week low of $4.88 and a 52 week high of $21.22.

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

Institutional Trading of Shoals Technologies Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SHLS. Charles Schwab Investment Management Inc. boosted its holdings in Shoals Technologies Group by 1.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,365,057 shares of the company’s stock worth $21,213,000 after acquiring an additional 20,727 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Shoals Technologies Group by 10.6% in the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after purchasing an additional 1,898 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Shoals Technologies Group by 23.9% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 33,654 shares of the company’s stock valued at $494,000 after purchasing an additional 6,496 shares during the period. Norges Bank bought a new stake in Shoals Technologies Group during the 4th quarter valued at $31,416,000. Finally, UBS Group AG raised its holdings in Shoals Technologies Group by 65.6% during the fourth quarter. UBS Group AG now owns 409,055 shares of the company’s stock worth $6,357,000 after buying an additional 161,983 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SHLS shares. Oppenheimer lowered their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. JPMorgan Chase & Co. decreased their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective on the stock. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $7.00 in a report on Wednesday, August 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday. Four research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and an average price target of $11.06.

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.