Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down – Here’s What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped down prior to trading on Wednesday . The stock had previously closed at $6.14, but opened at $5.53. Shoals Technologies Group shares last traded at $5.20, with a volume of 1,526,109 shares traded.

Wall Street Analyst Weigh In

Several research firms have issued reports on SHLS. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Oppenheimer decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Barclays restated an “equal weight” rating and issued a $7.00 price objective on shares of Shoals Technologies Group in a report on Thursday, October 10th. Northland Securities cut their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Finally, Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.55.

Shoals Technologies Group Price Performance

The stock has a fifty day moving average of $5.58 and a 200-day moving average of $6.35. 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 market capitalization of $961.57 million, a P/E ratio of 41.21, a PEG ratio of 0.86 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its stake in Shoals Technologies Group by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after purchasing an additional 130,434 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at $545,000. Quantbot Technologies LP acquired a new stake in Shoals Technologies Group during the 1st quarter worth $217,000. Corbyn Investment Management Inc. MD bought a new position in Shoals Technologies Group during the first quarter worth about $581,000. Finally, ANTIPODES PARTNERS Ltd grew its stake in Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the period.

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.