Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – What’s Next?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up prior to trading on Tuesday . The stock had previously closed at $6.80, but opened at $7.10. Shoals Technologies Group shares last traded at $6.9450, with a volume of 268,706 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SHLS. JPMorgan Chase & Co. lifted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Citigroup restated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Price Performance

The stock has a market cap of $1.17 billion, a PE ratio of 36.77, a P/E/G ratio of 0.88 and a beta of 1.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. The business has a 50 day moving average price of $9.36 and a two-hundred day moving average price of $8.71.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The company had revenue of $163.37 million during the quarter, compared to analyst estimates of $160.03 million. During the same quarter last year, the business posted $0.10 EPS. Shoals Technologies Group’s quarterly revenue was up 47.4% compared to the same quarter last year. Research analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Shoals Technologies Group by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after buying an additional 404,133 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Shoals Technologies Group by 151.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after acquiring an additional 7,685,515 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Shoals Technologies Group by 15.4% during the first quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock valued at $48,061,000 after purchasing an additional 972,382 shares in the last quarter. Peconic Partners LLC raised its stake in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after buying an additional 3,095,186 shares during the last quarter. Finally, UBS Group AG raised its position in shares of Shoals Technologies Group by 87.6% in the 4th quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after purchasing an additional 2,867,959 shares during the last quarter.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.