Insider Selling: Whitaker Jason R, Shoals Technologies Group Inc. [SHLS] Chief Executive Officer divested 12,039 shares

CHWY Stock
CHWY Stock

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Shoals Technologies Group Inc. shares valued at $301,818 were sold by Whitaker Jason R on Feb 13. At $25.07 per share, Whitaker Jason R sold 12,039 shares. The insider’s holdings dropped to 464,972 shares worth approximately $11.69 million following the completion of this transaction.

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Also, Whitaker Jason R sold 6,009 shares, netting a total of over 146,826 in proceeds. Following the sale of shares at $24.43 each, the insider now holds 477,011 shares.

Before that, Whitaker Jason R had sold 12,032 shares from its account. In a trade valued at $340,265, the Chief Executive Officer traded Shoals Technologies Group Inc. shares for $28.28 each. Upon closing the transaction, the insider’s holdings decreased to 12,032 shares, worth approximately $12.15 million.

As published in a research note from Northland Capital on March 01, 2023, Shoals Technologies Group Inc. [SHLS] has been rated down from an Outperform to a Market perform and the price target has been revised to $27 from $30. This represents a 6.85% premium over Wednesday’s closing price. Analysts at Cantor Fitzgerald started covering the stock with ‘”a Neutral”‘ outlook in a report released in late January. As of November 15, 2022, Northland Capital has increased its “Market perform” rating to a “an Outperform” for SHLS. Earlier on September 16, 2022, Cowen upgraded its rating. Their new recommendation was “an Outperform” for SHLS stock which previously was a “a Market perform”.

Analyzing SHLS Stock Performance

On Wednesday, Shoals Technologies Group Inc. [NASDAQ: SHLS] rose 2.49% to $25.15. The stock’s lowest price that day was $23.565, but it reached a high of $25.43 in the same session. During the last five days, there has been a surge of approximately 4.27%. Over the course of the year, Shoals Technologies Group Inc. shares have jumped approximately 1.95%. Shares of the company reached a 52-week high of $30.10 on 01/24/23 and a 52-week low of $22.37 on 01/10/23. A 50-day SMA is recorded $25.80, while a 200-day SMA reached $22.68. Nevertheless, trading volume fell to 4.15 million shares from 3.88 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 24.00, which, if violated, would cause prices to drop to 22.85. In the upper region, resistance lies at 25.86. The next price resistance is at 26.58. RSI (Relative Strength Index) is 48.13 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.47, which suggests the price will decrease in the coming days. Percent R is at 59.88%, indicating low price movement. Stochastics %K at holding 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 Jan 12, 2023 dropping by -2.28 million shares to 6.08 million. Data from Yahoo Finance shows that the short interest on Dec 14, 2022 was 8.36 million shares. A decline of -37.5% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.71 of the overall float, the days-to-cover ratio (short ratio) decline to 2.71.

Which companies own the most shares of Shoals Technologies Group Inc. (SHLS)?

According to BlackRock Fund Advisors filings, the company currently owns 9,880,652 shares, which is about 8.71% of the total SHLS shares outstanding. The investor’s shares have appreciated by 170,636 from its previous 13-F filing of 9710016.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $251,569,808. T. Rowe Price Investment Manageme reduced a -28.68% interest valued at $192.06 million while ClearBridge Investments LLC purchased a 165,347 stake. A total of 5,128,195 shares of Shoals Technologies Group Inc. were bought by AllianceBernstein LP during the quarter, and -937,214 were sold by Invesco Capital Management LLC. In its current portfolio, William Blair Investment Manageme holds 3,743,702 shares valued at $104.41 million.

In terms of Shoals Technologies Group Inc. share price expectations, FactSet research, analysts set an average price target of $31.64 in the next 12 months, up nearly 26.32% from the previous closing price of $24.54. Analysts anticipate Shoals Technologies Group Inc. stock to reach $41.00 by 2023, with the lowest price target being $20.00. In spite of this, 15 analysts ranked Shoals Technologies Group Inc. stock as an Overweight at the end of 2023.


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