Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – What’s Next?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Wednesday . The stock had previously closed at $4.41, but opened at $4.55. Shoals Technologies Group shares last traded at $4.54, with a volume of 568,680 shares trading hands.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of analyst reports. Mizuho reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Guggenheim reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Piper Sandler dropped their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $9.48.

Shoals Technologies Group Stock Up 4.9 %

The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $770.99 million, a price-to-earnings ratio of 23.13, a price-to-earnings-growth ratio of 0.50 and a beta of 1.64. The firm’s 50-day simple moving average is $5.06 and its two-hundred day simple moving average is $5.44.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the company posted $0.16 earnings per share. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. Sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last quarter. 1.67% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cidel Asset Management Inc. acquired a new position in Shoals Technologies Group in the fourth quarter worth $326,000. Stratos Wealth Partners LTD. bought a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $110,000. SG Americas Securities LLC acquired a new position in shares of Shoals Technologies Group during the fourth quarter worth approximately $185,000. Empirical Asset Management LLC bought a new position in Shoals Technologies Group in the 4th quarter worth approximately $59,000. Finally, Oddo BHF Asset Management Sas acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at approximately $692,000.

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.