Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up - Here's Why

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped up prior to trading on Monday . The stock had previously closed at $5.05, but opened at $5.33. Shoals Technologies Group shares last traded at $5.29, with a volume of 1,074,365 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on SHLS shares. Barclays restated an "equal weight" rating and set a $7.00 target price on shares of Shoals Technologies Group in a report on Thursday, October 10th. Oppenheimer decreased their target price on Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. BNP Paribas lowered shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and dropped their price target for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Northland Securities decreased their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a report on Thursday, August 8th. Finally, UBS Group lowered their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a "buy" rating on the stock in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and a consensus target price of $12.55.

Shoals Technologies Group Stock Performance

The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $5.57 and a 200 day moving average of $6.66. The stock has a market capitalization of $841.58 million, a P/E ratio of 36.07, a PEG ratio of 0.72 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share 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 for the quarter, compared to analyst estimates of $90.57 million. During the same period in the previous year, the business earned $0.12 EPS. The firm's revenue was down 16.7% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently made changes to their positions in SHLS. Vanguard Group Inc. boosted its position in Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company's stock valued at $184,825,000 after buying an additional 171,273 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company's stock worth $114,278,000 after acquiring an additional 4,263,964 shares in the last quarter. Joho Capital LLC grew its position in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company's stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company's stock valued at $57,050,000 after purchasing an additional 1,179,834 shares in the last quarter. Finally, Millennium Management LLC raised its position in Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after purchasing an additional 2,442,227 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.