CenterBook Partners LP Buys Shares of 3,761,829 Shoals Technologies Group, Inc. (NASDAQ:SHLS)

CenterBook Partners LP purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,761,829 shares of the company's stock, valued at approximately $12,489,000. Shoals Technologies Group comprises about 0.8% of CenterBook Partners LP's holdings, making the stock its 23rd biggest position. CenterBook Partners LP owned approximately 2.25% of Shoals Technologies Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Tower Research Capital LLC TRC lifted its holdings in Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after acquiring an additional 2,652 shares during the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Shoals Technologies Group by 17.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock worth $77,000 after purchasing an additional 3,415 shares during the period. Maven Securities LTD lifted its holdings in shares of Shoals Technologies Group by 11.1% in the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company's stock worth $276,000 after purchasing an additional 5,000 shares during the last quarter. Rhumbline Advisers boosted its position in Shoals Technologies Group by 2.5% during the 1st quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock valued at $826,000 after purchasing an additional 6,112 shares during the period. Finally, Barclays PLC grew its stake in Shoals Technologies Group by 3.3% during the 4th quarter. Barclays PLC now owns 300,910 shares of the company's stock worth $1,665,000 after buying an additional 9,668 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHLS. Mizuho reiterated a "neutral" rating and issued a $7.00 target price on shares of Shoals Technologies Group in a research note on Monday. Guggenheim lifted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Friday, May 9th. The Goldman Sachs Group upped their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Citigroup raised their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Finally, BNP Paribas Exane cut Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a report on Thursday, May 15th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of "Hold" and a consensus target price of $8.63.

Shoals Technologies Group Stock Down 1.7%

NASDAQ:SHLS traded down $0.10 on Monday, hitting $5.75. 5,321,411 shares of the company's stock traded hands, compared to its average volume of 6,636,886. The company has a market cap of $961.29 million, a PE ratio of 47.92, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average price of $5.05 and a 200-day moving average price of $4.39. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $7.08.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The firm had revenue of $80.36 million for the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. Shoals Technologies Group's revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 EPS. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Shoals Technologies Group Company 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.