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

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SHLS shares. Oppenheimer dropped their target price on Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating on the stock in a research report on Thursday, February 29th. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an "overweight" rating for the company in a report on Thursday, February 29th. The Goldman Sachs Group decreased their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a "buy" rating for the company in a research report on Friday, March 1st. Mizuho reiterated a "buy" rating and set a $18.00 price objective (down previously from $19.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Janney Montgomery Scott began coverage on Shoals Technologies Group in a research report on Friday, January 19th. They set a "buy" rating and a $20.00 price target for the company. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $21.06.

Shoals Technologies Group Price Performance

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The stock's 50 day simple moving average is $12.83 and its two-hundred day simple moving average is $14.08. The firm has a market capitalization of $1.41 billion, a PE ratio of 33.12 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.51 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Alliancebernstein L.P. boosted its holdings in Shoals Technologies Group by 4,053.2% during the 4th quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company's stock valued at $129,634,000 after acquiring an additional 5,128,195 shares during the period. BlackRock Inc. lifted its stake in Shoals Technologies Group by 23.6% during the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company's stock worth $371,208,000 after purchasing an additional 3,112,106 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company's stock valued at $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Norges Bank acquired a new position in Shoals Technologies Group in the fourth quarter valued at $31,416,000. Finally, Handelsbanken Fonder AB grew its stake in Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company's stock worth $39,206,000 after buying an additional 1,894,560 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.