Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $10.34, but opened at $9.15. Shoals Technologies Group shares last traded at $9.6730, with a volume of 2,970,674 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SHLS. Barclays raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $7.00 to $10.00 in a research report on Thursday, October 2nd. JPMorgan Chase & Co. boosted their target price on Shoals Technologies Group from $9.00 to $11.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Morgan Stanley boosted their target price on Shoals Technologies Group from $7.00 to $11.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. Needham & Company LLC began coverage on Shoals Technologies Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 price target on the stock. Finally, Wall Street Zen lowered Shoals Technologies Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.62.

Shoals Technologies Group Stock Down 1.9%

The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 45.75, a price-to-earnings-growth ratio of 1.11 and a beta of 1.69. The company has a quick ratio of 1.64, a current ratio of 2.34 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average of $8.47 and a two-hundred day moving average of $6.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 8.60% and a net margin of 7.66%.The company had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. During the same period in the prior year, the firm posted $0.10 EPS. The business’s revenue was up 11.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in Shoals Technologies Group by 51.9% in the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company’s stock worth $71,765,000 after purchasing an additional 7,382,548 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in Shoals Technologies Group in the 2nd quarter worth about $56,120,000. Peconic Partners LLC increased its position in Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares during the last quarter. Invesco Ltd. increased its position in Shoals Technologies Group by 5.8% in the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company’s stock worth $22,547,000 after purchasing an additional 375,271 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Shoals Technologies Group by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,213,350 shares of the company’s stock worth $17,909,000 after purchasing an additional 146,628 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.