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

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $2.94, but opened at $3.09. Shoals Technologies Group shares last traded at $3.22, with a volume of 862,725 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SHLS shares. Wolfe Research started coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. TD Cowen boosted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada cut their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Finally, Piper Sandler cut their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.87.

Shoals Technologies Group Stock Performance

The stock’s 50-day moving average is $4.41 and its 200-day moving average is $5.00. The stock has a market cap of $529.27 million, a price-to-earnings ratio of 15.88, a P/E/G ratio of 0.52 and a beta of 1.69. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.12 earnings per share. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 40,575 shares of company stock worth $123,957 over the last ninety days. 1.67% of the stock is owned by insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group in the fourth quarter valued at $59,000. TrinityPoint Wealth LLC acquired a new position in shares of Shoals Technologies Group during the third quarter valued at $60,000. American Trust bought a new position in shares of Shoals Technologies Group during the fourth quarter worth about $72,000. Finally, 49 Wealth Management LLC acquired a new stake in shares of Shoals Technologies Group in the 4th quarter worth about $74,000.

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.