Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down - What's Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) shares 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 changing hands.

Analyst Ratings Changes

SHLS has been the subject of a number of research reports. Citigroup increased 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 report on Wednesday, May 7th. BNP Paribas reiterated an "underperform" rating and set a $4.00 target price (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Jefferies Financial Group upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and increased their target price for the stock from $4.90 to $7.20 in a research report on Monday. Guggenheim increased their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. 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 research report on Monday, June 2nd. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $8.63.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $977.17 million, a PE ratio of 48.71, a P/E/G ratio of 0.78 and a beta of 1.59. The firm's 50 day simple moving average is $5.01 and its 200 day simple moving average is $4.40. 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 posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The company's revenue was down 11.2% compared to the same quarter last year. During the same period last year, the business posted $0.07 earnings per share. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in shares of Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after acquiring an additional 2,652 shares in the last quarter. Stratos Wealth Partners LTD. increased its stake in shares of Shoals Technologies Group by 17.2% in the first quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock worth $77,000 after buying an additional 3,415 shares during the period. Maven Securities LTD increased its stake in shares of Shoals Technologies Group by 11.1% in the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company's stock worth $276,000 after buying an additional 5,000 shares during the period. Pallas Capital Advisors LLC increased its stake in shares of Shoals Technologies Group by 27.7% in the second quarter. Pallas Capital Advisors LLC now owns 24,517 shares of the company's stock worth $104,000 after buying an additional 5,320 shares during the period. Finally, Rhumbline Advisers increased its stake in shares of Shoals Technologies Group by 2.5% in the first quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock worth $826,000 after buying an additional 6,112 shares during the period.

About Shoals Technologies Group

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.