Assenagon Asset Management S.A. Sells 53,632 Shares of Shoals Technologies Group, Inc. $SHLS

Key Points

• Assenagon Asset Management S.A. sold 53,632 shares of Shoals Technologies Group, reducing its stake by 13.5% to approximately 344,135 shares.
• Several analysts have recently updated their price targets on Shoals Technologies Group, with Guggenheim raising their target from $6.00 to $8.00 and JPMorgan boosting theirs from $8.00 to $9.00, reflecting a consensus price target of $9.15.
• Shoals Technologies Group reported $0.10 earnings per share for the last quarter, exceeding expectations, with a revenue of $110.84 million, marking an 11.7% increase compared to the same quarter last year.

Assenagon Asset Management S.A. reduced its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 13.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 344,135 shares of the company's stock after selling 53,632 shares during the period. Assenagon Asset Management S.A. owned approximately 0.21% of Shoals Technologies Group worth $1,463,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MQS Management LLC purchased a new position in Shoals Technologies Group in the first quarter worth $43,000. Cerity Partners LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter worth about $43,000. Caitong International Asset Management Co. Ltd bought a new position in Shoals Technologies Group in the first quarter worth about $44,000. Virtu Financial LLC bought a new position in Shoals Technologies Group in the first quarter worth about $46,000. Finally, FORA Capital LLC bought a new position in Shoals Technologies Group in the first quarter worth about $51,000.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Guggenheim raised their price target on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. UBS Group cut their price objective on shares of Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price target on shares of Shoals Technologies Group from $8.00 to $9.00 and gave the stock an "overweight" rating in a research note on Friday, September 19th. Jefferies Financial Group upped their target price on shares of Shoals Technologies Group from $6.00 to $9.00 and gave the company a "buy" rating in a research report on Monday, September 8th. Finally, Barclays increased their price objective on shares of Shoals Technologies Group from $4.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Thirteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $9.15.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $7.66 on Friday. The company has a market cap of $1.28 billion, a PE ratio of 58.93, a P/E/G ratio of 0.93 and a beta of 1.63. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $8.20. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.64 and a current ratio of 2.34. The firm's 50 day moving average price is $6.21 and its 200-day moving average price is $5.01.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The company had revenue of $110.84 million during the quarter, compared to the consensus estimate of $104.87 million. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. Shoals Technologies Group's revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share. Shoals Technologies Group has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Shoals Technologies Group Profile

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.

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