Shoals Technologies Group (NASDAQ:SHLS) Shares Gap Up – Time to Buy?

Shoals Technologies Group, Inc. (NASDAQ:SHLS) shares 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 changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SHLS. Jefferies Financial Group decreased their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Barclays increased their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group upped their price objective on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Wells Fargo & Company lifted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.79.

Shoals Technologies Group Stock Up 8.4%

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. The stock has a 50 day moving average price of $9.63 and a 200 day moving average price of $8.69. The company has a market cap of $1.69 billion, a P/E ratio of 50.35, a P/E/G ratio of 1.09 and a beta of 1.89.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, May 5th. The company reported $0.07 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 business had revenue of $140.56 million during the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group’s quarterly revenue was up 74.4% on a year-over-year basis. Research analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares in the company, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the sale, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. The trade was a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV acquired a new position in shares of Shoals Technologies Group during the 1st quarter worth about $30,000. GAMMA Investing LLC increased its stake in Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after buying an additional 1,375 shares during the last quarter. USA Financial Formulas acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at about $49,000. PNC Financial Services Group Inc. raised its stake in shares of Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after purchasing an additional 5,983 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Shoals Technologies Group in the first quarter valued at $57,000.

Shoals Technologies Group Company Profile

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.