Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down - Time to Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $4.71, but opened at $3.90. Shoals Technologies Group shares last traded at $4.36, with a volume of 2,130,325 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group reduced their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a report on Wednesday, March 12th. Piper Sandler lowered their target price on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price for the company. in a research report on Thursday, May 15th. BNP Paribas reaffirmed an "underperform" rating and set a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Finally, Guggenheim increased their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $8.40.

Shoals Technologies Group Price Performance

The firm has a market cap of $772.35 million, a price-to-earnings ratio of 23.13, a P/E/G ratio of 0.52 and a beta of 1.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a 50 day simple moving average of $3.87 and a 200-day simple moving average of $4.32.

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

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This trade represents a 2.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders sold 40,575 shares of company stock worth $123,957. Insiders own 1.67% of the company's stock.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently modified their holdings of the company. Cerity Partners LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth approximately $43,000. MQS Management LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth approximately $43,000. American Trust bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth approximately $72,000. 49 Wealth Management LLC bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth approximately $74,000. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Shoals Technologies Group in the 1st quarter worth approximately $44,000.

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.