Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Monday . The stock had previously closed at $5.05, but opened at $5.33. Shoals Technologies Group shares last traded at $5.29, with a volume of 1,074,365 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SHLS. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Truist Financial lowered their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. UBS Group dropped their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Barclays reiterated an “equal weight” rating and set a $7.00 price objective on shares of Shoals Technologies Group in a research note on Thursday, October 10th. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus target price of $12.55.

Shoals Technologies Group Stock Up 0.2 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The firm’s 50-day moving average price is $5.57 and its 200 day moving average price is $6.66. The firm has a market cap of $862.33 million, a P/E ratio of 28.11, a PEG ratio of 0.72 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The firm’s revenue was down 16.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 earnings per share. On average, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its holdings in shares of Shoals Technologies Group by 14.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares during the period. ProShare Advisors LLC increased its position in shares of Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after purchasing an additional 2,427 shares during the period. ANTIPODES PARTNERS Ltd lifted its holdings in shares of 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 buying an additional 2,638 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Shoals Technologies Group by 16.3% during the first quarter. Principal Financial Group Inc. now owns 23,069 shares of the company’s stock worth $258,000 after acquiring an additional 3,230 shares during the period.

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.