GSA Capital Partners LLP Has $1.31 Million Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Key Points

• GSA Capital Partners LLP significantly increased its stake in Shoals Technologies Group, acquiring an additional 347,688 shares, bringing its total ownership to 395,053 shares, valued at approximately $1.31 million.
• Recent analyst ratings reflect mixed sentiments, with upgrades and downgrades; Mizuho downgraded the stock to a "neutral" rating while Jefferies upgraded it to a "buy" with a price target increase to $7.20.
• Shoals Technologies Group reported a net loss for the last quarter with earnings per share of $0.02, missing estimates, while revenue decreased by 11.2% compared to the prior year.

GSA Capital Partners LLP grew its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 734.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 395,053 shares of the company's stock after buying an additional 347,688 shares during the period. GSA Capital Partners LLP owned approximately 0.24% of Shoals Technologies Group worth $1,312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHLS. American Century Companies Inc. lifted its holdings in shares of Shoals Technologies Group by 92.1% during the 4th quarter. American Century Companies Inc. now owns 168,175 shares of the company's stock valued at $930,000 after purchasing an additional 80,624 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at about $175,000. Vanguard Group Inc. lifted its holdings in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Shoals Technologies Group by 161.9% during the 4th quarter. Prudential Financial Inc. now owns 33,925 shares of the company's stock valued at $188,000 after purchasing an additional 20,974 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Shoals Technologies Group by 47.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,992 shares of the company's stock valued at $605,000 after purchasing an additional 32,676 shares in the last quarter.

Shoals Technologies Group Stock Down 4.3%

Shares of NASDAQ:SHLS traded down $0.23 during trading on Friday, hitting $5.16. 2,923,773 shares of the company were exchanged, compared to its average volume of 3,998,189. The stock has a market cap of $862.65 million, a price-to-earnings ratio of 43.00, a P/E/G ratio of 0.73 and a beta of 1.61. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.00. The firm has a fifty day moving average price of $5.29 and a two-hundred day moving average price of $4.39. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.25.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SHLS shares. BNP Paribas reiterated an "underperform" rating and set a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Jefferies Financial Group upgraded Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their price objective for the company from $4.90 to $7.20 in a report on Monday, July 7th. Guggenheim lifted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Citigroup lifted their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group lifted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.77.

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.