Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down – Time to Sell?

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) gapped down prior to trading on Tuesday . The stock had previously closed at $10.34, but opened at $9.15. Shoals Technologies Group shares last traded at $9.6730, with a volume of 2,970,674 shares changing hands.

Analysts Set New Price Targets

SHLS has been the topic of several recent analyst reports. Wall Street Zen lowered shares of Shoals Technologies Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 17th. UBS Group lifted their price target on shares of Shoals Technologies Group from $7.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, October 1st. Mizuho lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and set a $7.00 price target on the stock. in a report on Monday, July 14th. Morgan Stanley lifted their price target on shares of Shoals Technologies Group from $7.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus target price of $8.00.

Shoals Technologies Group Stock Down 7.1%

The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34. The stock has a market capitalization of $1.61 billion, a P/E ratio of 73.97, a price-to-earnings-growth ratio of 1.26 and a beta of 1.65. The stock’s fifty day simple moving average is $8.37 and its two-hundred day simple moving average is $6.20.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. During the same period in the previous year, the firm posted $0.10 EPS. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors have recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of Shoals Technologies Group by 51.9% in the 1st quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company’s stock valued at $71,765,000 after purchasing an additional 7,382,548 shares during the last quarter. Encompass Capital Advisors LLC bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at $56,120,000. Peconic Partners LLC boosted its stake in shares of Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Shoals Technologies Group by 5.8% in the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company’s stock valued at $22,547,000 after purchasing an additional 375,271 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Shoals Technologies Group by 3.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,213,350 shares of the company’s stock valued at $17,909,000 after purchasing an additional 146,628 shares during 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.