Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down - Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SHLS shares. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a report on Thursday, May 15th. Citigroup lifted their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Mizuho lifted 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. Guggenheim lifted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Finally, Jefferies Financial Group raised Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their price target for the stock from $4.90 to $7.20 in a research note on Monday. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.63.

Shoals Technologies Group Trading Up 0.3%

The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.58 and a current ratio of 2.34. The company has a 50 day simple moving average of $4.97 and a two-hundred day simple moving average of $4.40. The company has a market cap of $959.61 million, a PE ratio of 47.83, a PEG ratio of 0.78 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its 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 4.90% and a return on equity of 7.63%. The business had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same period last year, the firm earned $0.07 EPS. The company's revenue was down 11.2% compared to the same quarter last year. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC lifted its holdings in shares of Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock valued at $86,000 after buying an additional 2,652 shares during the last quarter. Stratos Wealth Partners LTD. lifted its holdings in shares of Shoals Technologies Group by 17.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock valued at $77,000 after buying an additional 3,415 shares during the last quarter. Maven Securities LTD lifted its holdings in shares of Shoals Technologies Group by 11.1% during the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company's stock valued at $276,000 after buying an additional 5,000 shares during the last quarter. Pallas Capital Advisors LLC lifted its holdings in shares of Shoals Technologies Group by 27.7% during the 2nd quarter. Pallas Capital Advisors LLC now owns 24,517 shares of the company's stock valued at $104,000 after buying an additional 5,320 shares during the last quarter. Finally, Rhumbline Advisers lifted its holdings in Shoals Technologies Group by 2.5% in the 1st quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock worth $826,000 after purchasing an additional 6,112 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.