Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares gapped down before the market opened on Tuesday . The stock had previously closed at $8.67, but opened at $7.87. Shoals Technologies Group shares last traded at $8.3150, with a volume of 1,253,714 shares changing hands.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of recent analyst reports. Zacks Research lowered Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Guggenheim raised their price target on shares of Shoals Technologies Group from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. JPMorgan Chase & Co. boosted their price objective on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Morgan Stanley reaffirmed an “equal weight” rating and set a $9.50 target price (down from $11.00) on shares of Shoals Technologies Group in a research report on Tuesday. Finally, Jefferies Financial Group boosted their price target on Shoals Technologies Group from $6.00 to $9.00 and gave the company a “buy” rating in a report on Monday, September 8th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.76.

Shoals Technologies Group Trading Down 2.7%

The stock has a market capitalization of $1.41 billion, a P/E ratio of 42.20, a P/E/G ratio of 1.10 and a beta of 1.71. The company has a quick ratio of 1.53, a current ratio of 2.19 and a debt-to-equity ratio of 0.21. The stock’s 50 day moving average price is $9.03 and its 200-day moving average price is $7.05.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. Shoals Technologies Group had a return on equity of 8.50% and a net margin of 7.66%.The company had revenue of $135.80 million during the quarter, compared to analyst estimates of $131.37 million. As a group, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CFO Dominic Bardos sold 4,170 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $7.83, for a total value of $32,651.10. Following the completion of the transaction, the chief financial officer directly owned 412,289 shares in the company, valued at approximately $3,228,222.87. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.67% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Tudor Investment Corp ET AL lifted its position in Shoals Technologies Group by 83.2% during the third quarter. Tudor Investment Corp ET AL now owns 1,025,812 shares of the company’s stock valued at $7,601,000 after acquiring an additional 465,968 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new position in shares of Shoals Technologies Group during the third quarter worth $133,000. Maven Securities LTD lifted its holdings in shares of Shoals Technologies Group by 19.9% during the 3rd quarter. Maven Securities LTD now owns 128,912 shares of the company’s stock valued at $955,000 after purchasing an additional 21,366 shares during the last quarter. Caxton Associates LLP purchased a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $1,407,000. Finally, XTX Topco Ltd boosted its position in shares of Shoals Technologies Group by 98.8% in the 3rd quarter. XTX Topco Ltd now owns 123,975 shares of the company’s stock worth $919,000 after purchasing an additional 61,612 shares in the last quarter.

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.