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

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) gapped down before the market opened on Wednesday . The stock had previously closed at $5.68, but opened at $5.01. Shoals Technologies Group shares last traded at $4.54, with a volume of 4,781,322 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHLS. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a "buy" rating and a $6.00 price objective for the company. Wells Fargo & Company started 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. Guggenheim lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, November 21st. Citigroup upgraded Shoals Technologies Group from a "sell" rating to a "neutral" rating and raised their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Finally, TD Cowen upped their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $10.64.

Shoals Technologies Group Price Performance

The company has a 50-day moving average of $5.17 and a 200-day moving average of $5.55. The stock has a market cap of $756.81 million, a price-to-earnings ratio of 22.70, a PEG ratio of 0.64 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.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group's revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 over the last quarter. Corporate insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently made changes to their positions in the stock. Rhumbline Advisers grew its position in Shoals Technologies Group by 9.2% during the second quarter. Rhumbline Advisers now owns 318,700 shares of the company's stock worth $1,989,000 after buying an additional 26,973 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Shoals Technologies Group by 93.6% during the 2nd quarter. Victory Capital Management Inc. now owns 69,941 shares of the company's stock worth $436,000 after acquiring an additional 33,807 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Shoals Technologies Group by 8,389.5% in the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company's stock worth $7,628,000 after acquiring an additional 1,208,082 shares during the period. Canada Pension Plan Investment Board increased its stake in Shoals Technologies Group by 92.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 100,300 shares of the company's stock valued at $626,000 after purchasing an additional 48,200 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in Shoals Technologies Group by 146.9% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company's stock worth $980,000 after purchasing an additional 93,400 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.