Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up to $8.35

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Wednesday . The stock had previously closed at $8.35, but opened at $8.56. Shoals Technologies Group shares last traded at $8.51, with a volume of 316,778 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on SHLS shares. Oppenheimer decreased their price target on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Royal Bank of Canada decreased their price objective on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Truist Financial restated a “buy” rating and set a $20.00 target price (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a research note on Friday, January 19th. They set a “buy” rating and a $20.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average price target of $21.06.

Shoals Technologies Group Price Performance

The stock has a market capitalization of $1.44 billion, a PE ratio of 33.40 and a beta of 1.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The stock’s 50-day moving average is $12.83 and its 200 day moving average is $14.08.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after acquiring an additional 2,764,566 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after acquiring an additional 1,402,419 shares in the last quarter. Glenmede Trust Co. NA purchased a new position in Shoals Technologies Group in the third quarter valued at about $206,000. Assenagon Asset Management S.A. increased its holdings in Shoals Technologies Group by 24.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock worth $333,000 after purchasing an additional 4,261 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its position in shares of Shoals Technologies Group by 5.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock valued at $337,000 after purchasing an additional 929 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.