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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped down prior to trading on Tuesday . The stock had previously closed at $6.30, but opened at $5.97. Shoals Technologies Group shares last traded at $5.81, with a volume of 1,006,161 shares trading hands.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of recent analyst reports. BNP Paribas reissued an “underperform” rating and set a $4.00 price target (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Citigroup lifted their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Jefferies Financial Group upgraded Shoals Technologies Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $4.90 to $7.20 in a report on Monday. Mizuho lifted their price objective on Shoals Technologies Group from $6.00 to $7.00 and gave the company an “outperform” rating in a research report on Monday, June 2nd. Finally, The Goldman Sachs Group boosted their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $8.63.

Shoals Technologies Group Stock Performance

The stock has a 50 day moving average price of $4.89 and a two-hundred day moving average price of $4.38. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.25. The company has a market cap of $955.43 million, a price-to-earnings ratio of 47.63, a P/E/G ratio of 0.82 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The firm had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same quarter in the prior year, the company earned $0.07 EPS. Shoals Technologies Group’s quarterly revenue was down 11.2% on a year-over-year basis. Analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently made changes to their positions in SHLS. Goodlander Investment Management LLC bought a new position in Shoals Technologies Group during the 4th quarter worth $8,295,000. Janney Montgomery Scott LLC grew its position in shares of Shoals Technologies Group by 187.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company’s stock valued at $893,000 after buying an additional 175,627 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Shoals Technologies Group by 189.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company’s stock valued at $684,000 after buying an additional 80,911 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Shoals Technologies Group by 45.3% in the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company’s stock valued at $10,410,000 after buying an additional 587,235 shares during the last quarter. Finally, Erste Asset Management GmbH grew its position in shares of Shoals Technologies Group by 3.7% in the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock valued at $20,269,000 after buying an additional 128,664 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.