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

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $6.80, but opened at $7.10. Shoals Technologies Group shares last traded at $6.9450, with a volume of 268,706 shares traded.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SHLS shares. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Jefferies Financial Group lifted their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings lowered Shoals Technologies Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday. Wells Fargo & Company lifted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 11th. Finally, JPMorgan Chase & Co. boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Up 2.6%

The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 0.88 and a beta of 1.93. The firm has a 50-day moving average of $9.36 and a two-hundred day moving average of $8.71. The company has a current ratio of 2.25, a quick ratio of 1.12 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business had revenue of $163.37 million during the quarter, compared to analysts’ expectations of $160.03 million. During the same quarter last year, the company earned $0.10 earnings per share. The firm’s revenue was up 47.4% on a year-over-year basis. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the transaction, the insider owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.81% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. KBC Group NV bought a new stake in shares of Shoals Technologies Group in the first quarter valued at about $30,000. PNC Financial Services Group Inc. lifted its stake in Shoals Technologies Group by 378.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock valued at $50,000 after acquiring an additional 5,983 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Shoals Technologies Group in the 1st quarter valued at about $57,000. Tower Research Capital LLC TRC boosted its stake in shares of Shoals Technologies Group by 468.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock worth $66,000 after acquiring an additional 12,788 shares during the period. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of Shoals Technologies Group in the first quarter valued at $70,000.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.