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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) 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.

Wall Street Analyst Weigh In

A number of brokerages have commented on SHLS. Citigroup upped their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Guggenheim increased their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. BNP Paribas restated an "underperform" rating and set a $4.00 price objective (down from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Jefferies Financial Group upgraded Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their price objective for the company from $4.90 to $7.20 in a report on Monday. Finally, Mizuho increased their target price on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. 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 company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $8.63.

Shoals Technologies Group Stock Up 1.2%

The company's fifty day simple moving average is $5.05 and its 200-day simple moving average is $4.40. The firm has a market capitalization of $978.00 million, a PE ratio of 48.75, a price-to-earnings-growth ratio of 0.78 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.34 and a quick ratio of 1.58.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced 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 return on equity of 7.63% and a net margin of 4.90%. The business had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same quarter last year, the firm earned $0.07 earnings per share. The firm's quarterly revenue was down 11.2% compared to the same quarter last year. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC grew its position in Shoals Technologies Group by 42.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 27,987 shares of the company's stock worth $119,000 after purchasing an additional 8,307 shares during the last quarter. Pallas Capital Advisors LLC grew its holdings in shares of Shoals Technologies Group by 27.7% during the second 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. Rhumbline Advisers grew its holdings in shares of Shoals Technologies Group by 2.5% during the first quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock valued at $826,000 after buying an additional 6,112 shares during the last quarter. Strs Ohio acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at $190,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Shoals Technologies Group by 8.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company's stock worth $1,718,000 after acquiring an additional 38,983 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.