Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up - What's Next?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) gapped up before the market opened 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.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SHLS. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Thursday, October 17th. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an "equal weight" rating and a $46.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and set a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. Cantor Fitzgerald restated an "overweight" rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Finally, Roth Mkm reduced their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating on the stock in a report on Friday, September 6th. Three 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's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.64.

Shoals Technologies Group Trading Up 18.0 %

The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company's fifty day simple moving average is $5.04 and its two-hundred day simple moving average is $5.74. The company has a market capitalization of $820.16 million, a price-to-earnings ratio of 24.20, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same quarter last year, the company earned $0.16 earnings per share. The firm's revenue was down 23.8% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently bought and sold shares of the company. FMR LLC grew its stake in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Shoals Technologies Group by 1.9% during the third quarter. Van ECK Associates Corp now owns 131,808 shares of the company's stock worth $739,000 after purchasing an additional 2,517 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Shoals Technologies Group by 3.8% in the second quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company's stock valued at $637,000 after purchasing an additional 3,699 shares in the last quarter. Point72 DIFC Ltd increased its stake in Shoals Technologies Group by 12.8% in the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company's stock valued at $341,000 after buying an additional 6,206 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its position in Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock worth $1,653,000 after buying an additional 6,503 shares in the last quarter.

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.