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

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s stock price gapped up before the market opened on Monday . The stock had previously closed at $5.98, but opened at $6.20. Shoals Technologies Group shares last traded at $6.22, with a volume of 992,113 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SHLS. BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price for the company. in a research note on Thursday, May 15th. Mizuho raised their target price on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. BNP Paribas reiterated an "underperform" rating and issued a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Citigroup increased their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Finally, Jefferies Financial Group upgraded Shoals Technologies Group from a "hold" rating to a "buy" rating and increased their price target for the company from $4.90 to $7.20 in a research note on Monday. Four research analysts have rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and a consensus target price of $8.63.

Shoals Technologies Group Stock Performance

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 firm's 50 day moving average is $4.97 and its 200-day moving average is $4.40. The stock has a market capitalization of $966.27 million, a price-to-earnings ratio of 48.17, a PEG ratio of 0.78 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) 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 firm had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The business's revenue for the quarter was down 11.2% on a year-over-year basis. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

Several large investors have recently made changes to their positions in SHLS. Bank of New York Mellon Corp lifted its stake in shares of Shoals Technologies Group by 6.2% in the 4th quarter. Bank of New York Mellon Corp now owns 559,580 shares of the company's stock valued at $3,094,000 after purchasing an additional 32,908 shares during the period. Victory Capital Management Inc. increased its holdings in Shoals Technologies Group by 344.1% in the 4th quarter. Victory Capital Management Inc. now owns 169,999 shares of the company's stock worth $940,000 after acquiring an additional 131,718 shares in the last quarter. Erste Asset Management GmbH increased its holdings in Shoals Technologies Group by 3.7% in the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after acquiring an additional 128,664 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in Shoals Technologies Group by 10.4% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 211,167 shares of the company's stock worth $1,191,000 after acquiring an additional 19,867 shares in the last quarter. Finally, Royce & Associates LP purchased a new stake in Shoals Technologies Group in the 4th quarter worth $940,000.

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.