Arrowstreet Capital Limited Partnership Has $17.96 Million Stake in Shoals Technologies Group, Inc. $SHLS

Key Points

• Arrowstreet Capital increased its Shoals Technologies Group stake by 26.8% in the first quarter, purchasing 576,591 additional shares. Its 2.73 million shares were valued at approximately $17.96 million, representing a 1.63% ownership stake.
• Insiders recently sold shares, including CFO Dominic Bardos’s $461,728 sale and insider Bobbie Lee King Jr.’s $104,100 sale. Company insiders collectively own 0.81% of Shoals stock.
• Analysts maintain a generally favorable outlook, with 10 Buy ratings and six Holds producing a “Moderate Buy” consensus and a $10.46 average price target. Shoals also exceeded quarterly earnings and revenue expectations, reporting $0.07 EPS and $140.56 million in revenue.

Arrowstreet Capital Limited Partnership raised its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 26.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,728,998 shares of the company's stock after buying an additional 576,591 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.63% of Shoals Technologies Group worth $17,957,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. KBC Group NV acquired a new stake in Shoals Technologies Group in the first quarter worth $30,000. GAMMA Investing LLC grew its holdings in shares of 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 period. PNC Financial Services Group Inc. increased its position in shares of Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company's stock valued at $50,000 after buying an additional 5,983 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Shoals Technologies Group in the 1st quarter valued at $57,000. Finally, Tower Research Capital LLC TRC raised its stake in Shoals Technologies Group by 468.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company's stock worth $66,000 after buying an additional 12,788 shares during the period.

Insider Activity at Shoals Technologies Group

In related news, 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 transaction of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was 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 SEC filing for this sale provides additional information. Corporate insiders own 0.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on SHLS shares. Wells Fargo & Company increased their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Thursday, June 11th. UBS Group boosted their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Guggenheim reissued a "buy" rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. The Goldman Sachs Group raised their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Finally, JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Ten analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.46.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $8.90 on Friday. 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, Inc. has a 12-month low of $4.43 and a 12-month high of $13.18. The company has a market capitalization of $1.49 billion, a PE ratio of 44.50, a price-to-earnings-growth ratio of 0.96 and a beta of 1.90. The firm's 50 day moving average is $10.31 and its 200-day moving average is $8.86.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its 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 business had revenue of $140.56 million during the quarter, compared to analysts' expectations of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business's revenue was up 74.4% compared to the same quarter last year. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

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.