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

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $4.41, but opened at $4.55. Shoals Technologies Group shares last traded at $4.54, with a volume of 568,680 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on SHLS shares. Bank of America began coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a "buy" rating and a $6.00 target price on the stock. Citigroup upgraded shares of Shoals Technologies Group from a "sell" rating to a "neutral" rating and raised their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Guggenheim cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Finally, Mizuho lowered their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $9.48.

Shoals Technologies Group Stock Performance

The business's 50-day moving average price is $5.06 and its 200-day moving average price is $5.44. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market cap of $770.99 million, a PE ratio of 23.13, a P/E/G ratio of 0.50 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share 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 business 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 business earned $0.16 EPS. The firm's revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 6,460 shares of company stock worth $30,271 over the last 90 days. 1.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SHLS. FMR LLC grew its position 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 valued at $33,000 after acquiring an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new position in Shoals Technologies Group during the fourth quarter worth approximately $59,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the third quarter valued at approximately $60,000. Mackenzie Financial Corp purchased a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $64,000. Finally, American Trust acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $68,000.

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.

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