Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Down – Should You Sell?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares gapped down before the market opened on Thursday . The stock had previously closed at $5.25, but opened at $5.07. Shoals Technologies Group shares last traded at $5.05, with a volume of 321,810 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Truist Financial reduced their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Northland Securities dropped their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. UBS Group cut their price objective on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $11.08.

Shoals Technologies Group Stock Up 3.1 %

The stock has a market capitalization of $884.91 million, a P/E ratio of 37.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock has a fifty day moving average price of $5.59 and a 200 day moving average price of $6.97.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. During the same quarter in the prior year, the firm posted $0.12 EPS. The firm’s quarterly revenue was down 16.7% on a year-over-year basis. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SHLS. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Shoals Technologies Group by 59.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock worth $3,929,000 after buying an additional 130,434 shares in the last quarter. M&G Plc bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at about $7,021,000. Goldman Sachs Group Inc. grew its holdings in shares of Shoals Technologies Group by 16.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock worth $34,434,000 after purchasing an additional 309,261 shares in the last quarter. Electron Capital Partners LLC increased its position in shares of Shoals Technologies Group by 102.9% in the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock worth $33,390,000 after purchasing an additional 1,089,848 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares in 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.