Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down - Here's What Happened

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) gapped down before the market opened on Tuesday . The stock had previously closed at $5.34, but opened at $4.65. Shoals Technologies Group shares last traded at $5.20, with a volume of 1,288,257 shares.

Analysts Set New Price Targets

SHLS has been the topic of a number of recent analyst reports. Mizuho boosted their target price on Shoals Technologies Group from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Jefferies Financial Group decreased their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada dropped their target price on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Piper Sandler decreased their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Finally, BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a report on Thursday, May 15th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $8.45.

Shoals Technologies Group Stock Performance

The stock has a market capitalization of $893.22 million, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 0.52 and a beta of 1.64. The company has a 50 day simple moving average of $4.35 and a 200-day simple moving average of $4.32. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same period in the previous year, the business posted $0.07 EPS. Shoals Technologies Group's revenue was down 11.2% compared to the same quarter last year. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cerity Partners LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth $43,000. MQS Management LLC purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $43,000. American Trust purchased a new position in Shoals Technologies Group in the 4th quarter valued at approximately $72,000. 49 Wealth Management LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth $74,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Shoals Technologies Group in the first quarter worth $44,000.

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.

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