Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up to $5.50

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $5.50, but opened at $6.04. Shoals Technologies Group shares last traded at $5.57, with a volume of 2,592,222 shares changing hands.

Wall Street Analyst Weigh In

SHLS has been the subject of several recent analyst reports. Cantor Fitzgerald lowered their target price on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Roth Capital downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. UBS Group lowered their price objective on shares of Shoals Technologies Group from $20.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial reissued a “buy” rating and set a $10.00 price objective (down previously from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday. Finally, TD Cowen lowered their price objective on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $12.47.

Shoals Technologies Group Stock Performance

The stock’s 50-day simple moving average is $6.63 and its 200-day simple moving average is $9.69. The stock has a market cap of $971.39 million, a price-to-earnings ratio of 32.00 and a beta of 1.76. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The firm had revenue of $90.81 million for the quarter, compared to analyst estimates of $94.44 million. Analysts forecast that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors and hedge funds have recently made changes to their positions in SHLS. Quest Partners LLC lifted its stake in Shoals Technologies Group by 160.1% in the 2nd quarter. Quest Partners LLC now owns 37,026 shares of the company’s stock valued at $231,000 after purchasing an additional 22,789 shares during the last quarter. Corbyn Investment Management Inc. MD raised its stake in shares of Shoals Technologies Group by 178.4% during the second quarter. Corbyn Investment Management Inc. MD now owns 144,803 shares of the company’s stock valued at $904,000 after acquiring an additional 92,796 shares during the last quarter. Savant Capital LLC bought a new position in shares of Shoals Technologies Group during the second quarter valued at $528,000. Victory Capital Management Inc. raised its stake in shares of Shoals Technologies Group by 93.6% during the second quarter. Victory Capital Management Inc. now owns 69,941 shares of the company’s stock valued at $436,000 after acquiring an additional 33,807 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Shoals Technologies Group by 9.2% during the second quarter. Rhumbline Advisers now owns 318,700 shares of the company’s stock valued at $1,989,000 after acquiring an additional 26,973 shares during the last quarter.

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.