Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down to $6.11

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $6.11, but opened at $5.72. Shoals Technologies Group shares last traded at $6.14, with a volume of 1,416,218 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Mizuho dropped their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Northland Securities reiterated an “underperform” rating and issued a $6.00 price target (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. TD Cowen lowered their price target on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Finally, Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 7th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $16.06.

Shoals Technologies Group Trading Down 1.6 %

The company has a market cap of $1.02 billion, a P/E ratio of 33.95 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The business’s 50-day moving average price is $7.39 and its 200 day moving average price is $11.22.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to the consensus estimate of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current year.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently bought and sold shares of the business. ANTIPODES PARTNERS Ltd bought a new stake in Shoals Technologies Group in the 4th quarter valued at about $33,000. iA Global Asset Management Inc. bought a new stake in Shoals Technologies Group in the 3rd quarter valued at about $102,000. Headlands Technologies LLC bought a new stake in Shoals Technologies Group in the 1st quarter valued at about $92,000. PNC Financial Services Group Inc. boosted its holdings in Shoals Technologies Group by 49.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after purchasing an additional 3,394 shares during the period. Finally, Paloma Partners Management Co bought a new stake in Shoals Technologies Group in the 1st quarter valued at about $115,000.

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.