Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up - Should You Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report)'s share price gapped up prior to trading 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 Ratings Changes

Several research firms have recently weighed in on SHLS. The Goldman Sachs Group increased their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. 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 lifted their price target 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 shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, Jefferies Financial Group raised shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and raised their target price for the company from $4.90 to $7.20 in a report on Monday. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $8.63.

Shoals Technologies Group Stock Performance

The stock has a 50 day simple moving average of $4.89 and a two-hundred day simple moving average of $4.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.34 and a quick ratio of 1.58. The company has a market capitalization of $956.27 million, a price-to-earnings ratio of 47.67, a PEG ratio of 0.86 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 (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 analyst estimates of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The business's revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Goodlander Investment Management LLC purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth approximately $8,295,000. Janney Montgomery Scott LLC grew its holdings in shares of Shoals Technologies Group by 187.9% during the first quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock valued at $893,000 after buying an additional 175,627 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its holdings in shares of Shoals Technologies Group by 189.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock valued at $684,000 after buying an additional 80,911 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Shoals Technologies Group by 45.3% during the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock valued at $10,410,000 after acquiring an additional 587,235 shares in the last quarter. Finally, Erste Asset Management GmbH grew its stake in Shoals Technologies Group by 3.7% during the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock valued at $20,269,000 after acquiring an additional 128,664 shares in the last quarter.

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.