199,778 Shares in Shoals Technologies Group, Inc. $SHLS Bought by SEB Asset Management AB

Key Points

• SEB Asset Management AB initiated a new position in Shoals Technologies Group, buying 199,778 shares worth about $1.315 million in the first quarter.
• Shoals reported better-than-expected quarterly results, with EPS of $0.07 versus $0.06 expected and revenue of $140.56 million, up 74.4% year over year.
• Wall Street sentiment remains constructive, with several firms raising price targets and analysts assigning the stock a Moderate Buy rating with an average target of $10.46.

SEB Asset Management AB purchased a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 199,778 shares of the company's stock, valued at approximately $1,315,000. SEB Asset Management AB owned 0.12% of Shoals Technologies Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHLS. Precision Wealth Strategies LLC purchased a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $428,000. Heartland Advisors Inc. purchased a new position in Shoals Technologies Group in the 1st quarter worth about $6,950,000. Principal Financial Group Inc. increased its position in shares of Shoals Technologies Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 394,094 shares of the company's stock worth $2,593,000 after acquiring an additional 1,883 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Shoals Technologies Group in the 1st quarter worth $71,000. Finally, Swedbank AB grew its holdings in Shoals Technologies Group by 7.3% during the 1st quarter. Swedbank AB now owns 1,099,445 shares of the company's stock worth $7,234,000 after acquiring an additional 74,900 shares in the last quarter.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $9.89 on Friday. The business's 50 day moving average is $10.40 and its two-hundred day moving average is $8.86. Shoals Technologies Group, Inc. has a 12-month low of $4.43 and a 12-month high of $13.18. The company has a market capitalization of $1.66 billion, a P/E ratio of 49.45, a P/E/G ratio of 1.27 and a beta of 1.90. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The company had revenue of $140.56 million during the quarter, compared to analyst estimates of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The company's revenue was up 74.4% on a year-over-year basis. Analysts expect that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity

In related news, CFO Dominic Bardos sold 54,449 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price objective on shares of 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. Jefferies Financial Group increased their target price on Shoals Technologies Group from $10.00 to $12.00 and gave the company a "buy" rating in a research report on Tuesday, July 14th. UBS Group boosted their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Roth Capital reiterated a "buy" rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Finally, Guggenheim reiterated a "buy" rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Shoals Technologies Group has an average rating of "Moderate Buy" and an average price target of $10.46.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.