Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – Still a Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $9.29, but opened at $9.71. Shoals Technologies Group shares last traded at $9.8080, with a volume of 765,958 shares.

Analysts Set New Price Targets

SHLS has been the subject of a number of analyst reports. Jefferies Financial Group decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, March 11th. Barclays lifted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Wells Fargo & Company boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 11th. Citigroup increased their price target on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.79.

Shoals Technologies Group Stock Up 2.2%

The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of 50.60, a P/E/G ratio of 1.20 and a beta of 1.90. The stock has a 50 day moving average of $9.74 and a 200 day moving average of $8.70. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. The company’s revenue was up 74.4% compared to the same quarter last year. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.81% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently modified their holdings of the business. Mercuria Capital Strategies LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth approximately $2,223,000. Hussman Strategic Advisors Inc. boosted its position in Shoals Technologies Group by 140.0% during the 4th quarter. Hussman Strategic Advisors Inc. now owns 252,000 shares of the company’s stock valued at $2,142,000 after purchasing an additional 147,000 shares during the period. Assenagon Asset Management S.A. grew its stake in Shoals Technologies Group by 148.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 414,545 shares of the company’s stock worth $3,524,000 after buying an additional 247,721 shares during the last quarter. Tudor Investment Corp ET AL grew its stake in Shoals Technologies Group by 83.2% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,025,812 shares of the company’s stock worth $7,601,000 after buying an additional 465,968 shares during the last quarter. Finally, American Century Companies Inc. increased its position in Shoals Technologies Group by 17.8% in the third quarter. American Century Companies Inc. now owns 3,244,717 shares of the company’s stock worth $24,043,000 after buying an additional 490,451 shares during the period.

About Shoals Technologies Group

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.