Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – Should You Buy?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Tuesday . The stock had previously closed at $6.80, but opened at $7.10. Shoals Technologies Group shares last traded at $6.9450, with a volume of 268,706 shares changing hands.

Analysts Set New Price Targets

SHLS has been the subject of a number of recent analyst reports. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. JPMorgan Chase & Co. lifted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. The Goldman Sachs Group increased their price target on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Wells Fargo & Company lifted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Performance

The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 38.48, a P/E/G ratio of 0.85 and a beta of 1.93. The company’s fifty day simple moving average is $9.26 and its two-hundred day simple moving average is $8.67. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The firm had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same period last year, the company earned $0.10 earnings per share. The business’s revenue was up 47.4% on a year-over-year basis. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in Shoals Technologies Group by 292.5% during the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock valued at $353,000 after acquiring an additional 79,392 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Shoals Technologies Group by 184.7% in the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock valued at $2,975,000 after purchasing an additional 598,407 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Shoals Technologies Group during the first quarter valued at about $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Shoals Technologies Group by 8.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock valued at $1,718,000 after purchasing an additional 38,983 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Shoals Technologies Group by 1.9% during the second quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock worth $832,000 after purchasing an additional 3,601 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.