Handelsbanken Fonder AB Cuts Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Handelsbanken Fonder AB cut its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and 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 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of SHLS. Norges Bank purchased a new position in shares of Shoals Technologies Group in the 4th quarter valued at $12,472,000. Impax Asset Management Group plc grew its position in shares of Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after buying an additional 1,935,983 shares during the last quarter. Goodlander Investment Management LLC purchased a new position in shares of Shoals Technologies Group in the 4th quarter valued at $8,295,000. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after buying an additional 1,125,938 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after buying an additional 1,098,577 shares during the last quarter.

Shoals Technologies Group Stock Performance

Shares of SHLS stock traded down $0.08 during mid-day trading on Tuesday, hitting $5.26. The stock had a trading volume of 7,616,540 shares, compared to its average volume of 5,910,931. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.08. The firm has a market cap of $879.37 million, a PE ratio of 43.83, a PEG ratio of 0.73 and a beta of 1.64. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.34 and a quick ratio of 1.58. The company's 50-day simple moving average is $4.39 and its 200-day simple moving average is $4.33.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $80.36 million during the quarter, compared to analysts' expectations of $74.66 million. Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The business's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.07 EPS. Sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on SHLS shares. Wolfe Research started coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a "peer perform" rating on the stock. Roth Mkm dropped their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. 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. Royal Bank Of Canada decreased their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Finally, Piper Sandler decreased their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research note on Wednesday, February 26th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $8.45.

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.