Shoals Technologies Group Inc. [NASDAQ: SHLS] stock went on a downward path that fall over -8.59% on Wednesday, amounting to a one-week price decrease of less than -3.50%. The company report on March 7, 2023 that Shoals Technologies Group, Inc. Announces Pricing of Secondary Offering of 24,501,650 Shares of Class A Common Stock by Selling Stockholders.
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The Selling Stockholders also granted the underwriter a 30-day option to purchase up to an additional 3,675,247 shares of Class A common stock. The Company’s Class A common stock is listed on the Nasdaq Global Market under the symbol “SHLS.” The offering is expected to close on March 10, 2023, subject to customary closing conditions.
Over the last 12 months, SHLS stock rose by 72.01%. The one-year Shoals Technologies Group Inc. stock forecast points to a potential upside of 22.66. The average equity rating for SHLS stock is currently 2.50, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $3.93 billion, with 120.30 million shares outstanding and 112.10 million shares in the current float. Compared to the average trading volume of 2.30M shares, SHLS stock reached a trading volume of 18503657 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Shoals Technologies Group Inc. [SHLS]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SHLS shares is $31.38 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SHLS stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Northland Capital have made an estimate for Shoals Technologies Group Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on March 01, 2023. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Neutral. The new note on the price target was released on January 25, 2023, representing the official price target for Shoals Technologies Group Inc. stock. Previously, the target price had yet another raise to $30, while Northland Capital analysts kept a Outperform rating on SHLS stock. On September 16, 2022, analysts increased their price target for SHLS shares from 29 to 37.50.
The Average True Range (ATR) for Shoals Technologies Group Inc. is set at 1.63, with the Price to Sales ratio for SHLS stock in the period of the last 12 months amounting to 12.02. The Price to Book ratio for the last quarter was 10.03, with the Price to Cash per share for the same quarter was set at 0.05. Price to Free Cash Flow for SHLS in the course of the last twelve months was 108.26 with Quick ratio for the last quarter at 1.50.
SHLS Stock Performance Analysis:
Shoals Technologies Group Inc. [SHLS] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.50. With this latest performance, SHLS shares dropped by -8.28% in over the last four-week period, additionally sinking by -5.93% over the last 6 months – not to mention a rise of 72.01% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SHLS stock in for the last two-week period is set at 44.44, with the RSI for the last a single of trading hit 42.29, and the three-weeks RSI is set at 45.96 for Shoals Technologies Group Inc. [SHLS]. The present Moving Average for the last 50 days of trading for this stock 25.79, while it was recorded at 25.50 for the last single week of trading, and 22.98 for the last 200 days.
Insight into Shoals Technologies Group Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Shoals Technologies Group Inc. [SHLS] shares currently have an operating margin of +20.30 and a Gross Margin at +37.27. Shoals Technologies Group Inc.’s Net Margin is presently recorded at +39.03.
Return on Equity for this stock inclined to 86.83, with Return on Assets sitting at 24.99.
Shoals Technologies Group Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.90.
SHLS Stock EPS
The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for SHLS. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Shoals Technologies Group Inc. go to 72.44%.
Shoals Technologies Group Inc. [SHLS] Insider Position Details
There are presently around $3,491 million, or 94.60% of SHLS stock, in the hands of institutional investors. The top three institutional holders of SHLS stocks are: BLACKROCK INC. with ownership of 13,176,074, which is approximately -0.293% of the company’s market cap and around 1.00% of the total institutional ownership; VANGUARD GROUP INC, holding 9,391,069 shares of the stock with an approximate value of $227.92 million in SHLS stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $167.13 million in SHLS stock with ownership of nearly -28.685% of the company’s market capitalization.
Positions in Shoals Technologies Group Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 201 institutional holders increased their position in Shoals Technologies Group Inc. [NASDAQ:SHLS] by around 42,221,904 shares. Additionally, 82 investors decreased positions by around 10,148,586 shares, while 26 investors held positions by with 91,490,176 shares. The mentioned changes placed institutional holdings at 143,860,666 shares, according to the latest SEC report filing. SHLS stock had 87 new institutional investments in for a total of 14,461,386 shares, while 28 institutional investors sold positions of 1,984,231 shares during the same period.