Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Shoals Technologies Group Inc. shares valued at $50,586 were sold by Peetz Mehgan on Sep 14. At $24.87 per share, Peetz Mehgan sold 2,034 shares. The insider’s holdings dropped to 90,395 shares worth approximately $1.92 million following the completion of this transaction.
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Also, Whitaker Jason R sold 20,514 shares, netting a total of over 511,646 in proceeds. Following the sale of shares at $24.94 each, the insider now holds 668,314 shares.
Before that, Whitaker Jason R had sold 8,333 shares from its account. In a trade valued at $210,117, the Chief Executive Officer traded Shoals Technologies Group Inc. shares for $25.22 each. Upon closing the transaction, the insider’s holdings decreased to 8,333 shares, worth approximately $14.6 million.
As published in a research note from Cowen on September 16, 2022, Shoals Technologies Group Inc. [SHLS] has been rated up from a Market perform to an Outperform and the price target has been revised to $37.50 from $29. This represents a 43.49% premium over Thursday’s closing price. Analysts at Guggenheim downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early September. As of September 08, 2022, Goldman has decreased its “Buy” rating to a “Sell” for SHLS. Earlier on August 05, 2022, Barclays initiated its rating. Their recommendation was “an Equal weight” for SHLS stock.
Analyzing SHLS’s Price Performance
On Thursday, Shoals Technologies Group Inc. [NASDAQ: SHLS] plunged -8.11% to $21.19. The stock’s lowest price that day was $21.01, but it reached a high of $23.28 in the same session. During the last five days, there has been a drop of approximately -14.49%. Over the course of the year, Shoals Technologies Group Inc. shares have dropped approximately -12.80%. Shares of the company reached a 52-week high of $28.47 on 09/08/22 and a 52-week low of $9.58 on 04/28/22. A 50-day SMA is recorded $23.42, while a 200-day SMA reached $18.81. Nevertheless, trading volume fell to 1.48 million shares from 1.09 million shares the previous day.
Support And Resistance Levels for Shoals Technologies Group Inc. (SHLS)
According to the 24-hour chart, there is a support level at 20.37, which, if violated, would cause prices to drop to 19.56. In the upper region, resistance lies at 22.64. The next price resistance is at 24.10. RSI (Relative Strength Index) is 35.28 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -2.58, which suggests the price will decrease in the coming days. Percent R is at 97.59%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Shoals Technologies Group Inc. subject to short interest?
Stocks of Shoals Technologies Group Inc. saw a sharp steep in short interest on Aug 30, 2022 dropping by -0.92 million shares to 8.92 million. Data from Yahoo Finance shows that the short interest on Jul 28, 2022 was 9.84 million shares. A decline of -10.31% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.81 of the overall float, the days-to-cover ratio (short ratio) decline to 4.81.
Which companies own the most shares of Shoals Technologies Group Inc. (SHLS)?
According to T. Rowe Price Associates, Inc. filings, the company currently owns 13,426,495 shares, which is about 11.92% of the total SHLS shares outstanding. The investor’s shares have appreciated by 694,386 from its previous 13-F filing of 12732109.0 shares. With the completion of the buy transaction, BlackRock Fund Advisors’s stake is now worth $256,053,122. The Vanguard Group, Inc. acquire a 19.91% interest valued at $170.0 million while William Blair Investment Manageme 5,409,950 stake. In its current portfolio, Goldman Sachs Asset Management LP holds 3,941,920 shares valued at $103.95 million.
In terms of Shoals Technologies Group Inc. share price expectations, FactSet research, analysts set an average price target of $31.29 in the next 12 months, up nearly 27.93% from the previous closing price of $23.06. Analysts anticipate Shoals Technologies Group Inc. stock to reach $40.00 by 2022, with the lowest price target being $21.00. In spite of this, 14 analysts ranked Shoals Technologies Group Inc. stock as an Overweight at the end of 2022.