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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Tuesday . The stock had previously closed at $4.17, but opened at $4.42. Shoals Technologies Group shares last traded at $4.77, with a volume of 1,629,964 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Barclays cut their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 13th. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective on the stock. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Piper Sandler lowered 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. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Price Performance

The business’s 50-day simple moving average is $5.03 and its two-hundred day simple moving average is $5.71. The stock has a market cap of $776.82 million, a price-to-earnings ratio of 23.30, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

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

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were bought 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 $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 6,460 shares of company stock worth $30,271 in the last ninety days. Company insiders own 0.36% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. FMR LLC grew its holdings in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group during the 2nd quarter worth approximately $54,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the third quarter valued at approximately $60,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group during the second quarter worth approximately $64,000. Finally, American Trust acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at $68,000.

About Shoals Technologies Group

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.