Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $2.94, but opened at $3.09. Shoals Technologies Group shares last traded at $3.22, with a volume of 862,725 shares changing hands.

Analyst Upgrades and Downgrades

SHLS has been the subject of several research reports. Jefferies Financial Group decreased their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research note on Wednesday. Truist Financial decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Piper Sandler decreased their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Finally, Royal Bank of Canada cut their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Stock Performance

The company has a market cap of $543.44 million, a P/E ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $4.30 and a 200-day moving average price of $4.97.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 EPS. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 over the last ninety days. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently added to or reduced their stakes in SHLS. Janney Montgomery Scott LLC acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $833,000. Entropy Technologies LP acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $182,000. GSA Capital Partners LLP acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $104,000. Impax Asset Management Group plc increased its holdings in shares of Shoals Technologies Group by 19.4% during the third quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after acquiring an additional 249,582 shares in the last quarter. Finally, TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group during the third quarter valued at approximately $60,000.

About Shoals Technologies Group

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.