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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped up before the market opened 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 trading hands.

Analysts Set New Price Targets

Several analysts have weighed in on SHLS shares. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. Barclays reduced their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 5th. Cantor Fitzgerald reissued an “overweight” rating and set a $24.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. Truist Financial reaffirmed a “buy” rating and issued a $20.00 target price (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Finally, Royal Bank of Canada lowered their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $21.06.

Shoals Technologies Group Stock Up 1.2 %

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 company has a fifty day moving average of $12.83 and a two-hundred day moving average of $14.08. The company has a market cap of $1.44 billion, a PE ratio of 33.40 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Shoals Technologies Group by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock worth $254,241,000 after acquiring an additional 225,464 shares in the last quarter. BlackRock Inc. raised its position in shares of Shoals Technologies Group by 23.6% in the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock valued at $371,208,000 after buying an additional 3,112,106 shares during the last quarter. Wellington Management Group LLP lifted its stake in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. Clearbridge Investments LLC boosted its stake in Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after buying an additional 233,377 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Shoals Technologies Group by 0.8% in the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after purchasing an additional 55,184 shares during the period.

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.