Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up to $8.35

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up before the market opened on Wednesday . The stock had previously closed at $8.35, but opened at $8.56. Shoals Technologies Group shares last traded at $8.51, with a volume of 316,778 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Royal Bank of Canada reduced their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. Mizuho reissued a “buy” rating and set a $18.00 target price (down from $19.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Piper Sandler reduced their target price on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Finally, Barclays reduced their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.06.

Shoals Technologies Group Trading Down 0.8 %

The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The firm’s 50 day simple moving average is $12.54 and its two-hundred day simple moving average is $14.00. The stock has a market cap of $1.40 billion, a P/E ratio of 32.84 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors have recently modified their holdings of the company. IFP Advisors Inc grew its position in shares of Shoals Technologies Group by 73.5% during the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock worth $31,000 after acquiring an additional 518 shares during the last quarter. Citigroup Inc. grew its position in shares of Shoals Technologies Group by 1.9% during the first quarter. Citigroup Inc. now owns 27,663 shares of the company’s stock worth $630,000 after acquiring an additional 526 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Shoals Technologies Group by 9.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,810 shares of the company’s stock worth $174,000 after acquiring an additional 568 shares during the last quarter. Arizona State Retirement System grew its position in shares of Shoals Technologies Group by 1.4% during the third quarter. Arizona State Retirement System now owns 48,353 shares of the company’s stock worth $882,000 after acquiring an additional 689 shares during the last quarter. Finally, Assetmark Inc. grew its position in shares of Shoals Technologies Group by 92.7% during the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after acquiring an additional 765 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.