Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB reduced its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,116,318 shares of the company's stock after selling 1,062,305 shares during the period. Handelsbanken Fonder AB owned 0.67% of Shoals Technologies Group worth $3,706,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after buying an additional 576,736 shares during the last quarter. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after acquiring an additional 1,125,938 shares during the period. Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the period. Encompass Capital Advisors LLC raised its holdings in Shoals Technologies Group by 14.5% during the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company's stock valued at $29,919,000 after acquiring an additional 683,642 shares during the period. Finally, Erste Asset Management GmbH increased its holdings in shares of Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after purchasing an additional 128,664 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SHLS shares. 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. Jefferies Financial Group dropped their target price on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a report on Wednesday, March 12th. Royal Bank of Canada dropped their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. BNP Paribas reissued an "underperform" rating and issued a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Finally, Mizuho increased their price target on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and an average target price of $8.45.

Shoals Technologies Group Stock Up 3.2%

NASDAQ SHLS traded up $0.16 on Friday, hitting $5.11. 6,291,144 shares of the stock were exchanged, compared to its average volume of 5,916,571. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.08. The company has a market cap of $854.26 million, a PE ratio of 25.55, a PEG ratio of 0.52 and a beta of 1.64. The company has a 50-day moving average price of $4.31 and a 200-day moving average price of $4.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $80.36 million during the quarter, compared to analysts' expectations of $74.66 million. During the same period last year, the business earned $0.07 earnings per share. The company's quarterly revenue was down 11.2% on a year-over-year basis. Sell-side analysts anticipate 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.