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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares 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 traded.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of recent research reports. Piper Sandler dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Mizuho dropped their target price 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. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target for the company. Guggenheim dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 21st. Finally, Oppenheimer decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $9.48.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $781.82 million, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 0.53 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a 50-day moving average price of $5.07 and a 200 day moving average price of $5.43.

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

Insiders Place Their Bets

In related news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 6,460 shares of company stock valued at $30,271 over the last three months. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SHLS. Wellington Management Group LLP boosted its position in Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares during the period. Point72 Europe London LLP purchased a new stake in shares of Shoals Technologies Group during the third quarter worth about $1,461,000. Handelsbanken Fonder AB grew its stake in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 shares during the last quarter. Erste Asset Management GmbH purchased a new position in Shoals Technologies Group during the 3rd quarter valued at about $20,191,000. Finally, Roubaix Capital LLC bought a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $2,156,000.

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.