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

Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Free Report) 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.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday, May 7th. Roth Mkm lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $8.00 in a report on Wednesday, May 8th. Northland Securities reiterated an “underperform” rating and set a $6.00 price objective (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Citigroup lowered shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and decreased their price objective for the company from $15.00 to $5.00 in a report on Tuesday. Finally, Cantor Fitzgerald reduced their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Three 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.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.06.

Read Our Latest Stock Analysis on Shoals Technologies Group

Shoals Technologies Group Price Performance

The stock’s fifty day moving average is $7.29 and its 200-day moving average is $11.11. The stock has a market capitalization of $1.03 billion, a PE ratio of 33.50 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87.

Shoals Technologies Group (NASDAQ:SHLSGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $90.81 million for 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, equities analysts predict that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently added to or reduced their stakes in SHLS. PNC Financial Services Group Inc. raised its position in shares of Shoals Technologies Group by 49.8% in the third quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after buying an additional 3,394 shares during the last quarter. Glenmede Trust Co. NA acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $206,000. Advisors Asset Management Inc. raised its position in shares of Shoals Technologies Group by 5.3% in the third quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock valued at $337,000 after buying an additional 929 shares during the last quarter. Kennedy Capital Management LLC acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $889,000. Finally, JPMorgan Chase & Co. raised its position in shares of Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after buying an additional 1,402,419 shares during the last quarter.

About Shoals Technologies Group

(Get Free Report)

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.

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