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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares gapped up before the market opened on Monday . The stock had previously closed at $5.05, but opened at $5.33. Shoals Technologies Group shares last traded at $5.29, with a volume of 1,074,365 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SHLS shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their target price for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Oppenheimer cut their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. UBS Group decreased their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.55.

Shoals Technologies Group Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The firm has a market capitalization of $886.18 million, a PE ratio of 29.56, a P/E/G ratio of 0.75 and a beta of 1.74. The firm has a fifty day moving average price of $5.57 and a 200 day moving average price of $6.69.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. During the same period in the prior year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was down 16.7% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Large investors have recently added to or reduced their stakes in the company. ANTIPODES PARTNERS Ltd grew its holdings in shares of Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after buying an additional 2,638 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter valued at about $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the 2nd quarter valued at about $64,000. American Trust purchased a new stake in shares of Shoals Technologies Group in the second quarter worth approximately $68,000. Finally, Versor Investments LP acquired a new stake in shares of Shoals Technologies Group during the second quarter worth approximately $80,000.

Shoals Technologies Group Company Profile

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.