Shoals Technologies Group, Inc. (NASDAQ:SHLS) Chief Financial Officer Dominic Bardos recently sold 4,300 shares of the company's Class A common stock. The sale comes amid challenging market conditions for the company, with the stock down over 70% year-to-date and currently trading near its 52-week low of $4.07. The shares were sold at a weighted average price of $4.69, resulting in a total transaction value of $20,167. Following this sale, Bardos holds 236,109 shares directly. The transaction was a mandatory sale to cover tax withholding obligations upon the vesting of restricted stock units. Despite recent price weakness, InvestingPro analysis indicates the company maintains solid fundamentals with a current ratio of 2.08 and operates with moderate debt levels. According to InvestingPro, which offers comprehensive analysis of 1,400+ stocks through its Pro Research Reports, the stock currently appears undervalued relative to its Fair Value.
In other recent news, Shoals Technologies Group has experienced a series of developments. The company reported a 23.9% year-over-year decrease in net revenue for Q3 2024, yet showed resilience with a sequential increase and a rise in gross profit to $25.4 million. BofA Securities recently initiated coverage on Shoals Technologies with a Buy rating, highlighting the company's strategic emphasis on dynamic pricing and international expansion. Conversely, Jefferies adjusted the price target for Shoals Technologies to $5.00 from $6.00, while maintaining a Hold rating. TD Cowen demonstrated confidence in the company, raising its price target to $11.00 from $9.50. Cantor Fitzgerald adjusted its stock price target for Shoals Technologies to $8.00 from $12.00 following the company's lower-than-expected third-quarter earnings. Despite the reduced target, the firm retains an Overweight rating on the stock. These recent developments underscore Shoals Technologies' commitment to overcoming operational challenges and capitalizing on market opportunities. The company's Q4 revenue is projected to be between $97 million and $107 million, with an annual projection of $390 million to $400 million.
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