Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $5.25, but opened at $5.07. Shoals Technologies Group shares last traded at $5.05, with a volume of 321,810 shares traded.

Analyst Ratings Changes

SHLS has been the topic of several analyst reports. Oppenheimer reduced their target price on Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Cantor Fitzgerald reissued an "overweight" rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Truist Financial cut their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Friday, September 6th. Royal Bank of Canada reissued an "outperform" rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Piper Sandler upped their target price on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of "Hold" and an average target price of $11.08.

Shoals Technologies Group Stock Performance

The firm has a market capitalization of $858.25 million, a P/E ratio of 28.06, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The company's 50 day moving average is $5.63 and its 200-day moving average is $7.03. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the firm posted $0.12 EPS. Shoals Technologies Group's revenue was down 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently modified their holdings of the business. Green Alpha Advisors LLC boosted its holdings in Shoals Technologies Group by 43.5% in the 3rd quarter. Green Alpha Advisors LLC now owns 40,636 shares of the company's stock valued at $228,000 after purchasing an additional 12,324 shares during the period. Handelsbanken Fonder AB boosted its stake in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in Shoals Technologies Group by 24.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,137 shares of the company's stock worth $3,383,000 after buying an additional 105,797 shares in the last quarter. American Trust bought a new position in Shoals Technologies Group in the 2nd quarter worth about $68,000. Finally, Algert Global LLC raised its holdings in shares of Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company's stock valued at $564,000 after acquiring an additional 78,476 shares in 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.