Invenomic Capital Management LP Decreases Position in Shoals Technologies Group, Inc. $SHLS

Key Points

• Invenomic Capital Management LP has reduced its stake in Shoals Technologies Group by 21.1%, selling 359,693 shares and owning 1,343,813 shares worth $4,461,000.
• Several institutional investors, including Wellington Management Group and Invesco Ltd., have increased their holdings in Shoals Technologies Group during the first quarter of 2023.
• Wall Street analysts have mixed ratings for Shoals Technologies Group, with a consensus rating of "Moderate Buy" and a price target averaging $9.15, despite some downgrades from notable firms.

Invenomic Capital Management LP decreased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,343,813 shares of the company's stock after selling 359,693 shares during the period. Invenomic Capital Management LP owned about 0.80% of Shoals Technologies Group worth $4,461,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHLS. Tower Research Capital LLC TRC raised its holdings in Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock valued at $86,000 after acquiring an additional 2,652 shares during the period. Tudor Investment Corp ET AL bought a new stake in shares of Shoals Technologies Group in the 4th quarter valued at about $221,000. Northern Trust Corp lifted its stake in shares of Shoals Technologies Group by 4.6% in the 4th quarter. Northern Trust Corp now owns 1,776,337 shares of the company's stock valued at $9,823,000 after acquiring an additional 77,633 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in shares of Shoals Technologies Group by 189.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock valued at $684,000 after acquiring an additional 80,911 shares during the last quarter. Finally, Comerica Bank lifted its stake in shares of Shoals Technologies Group by 73.2% in the 4th quarter. Comerica Bank now owns 162,648 shares of the company's stock valued at $899,000 after acquiring an additional 68,725 shares during the last quarter.

Shoals Technologies Group Trading Up 1.7%

Shares of NASDAQ SHLS traded up $0.12 during trading hours on Thursday, reaching $7.00. The stock had a trading volume of 1,354,864 shares, compared to its average volume of 6,306,223. The company has a current ratio of 2.34, a quick ratio of 1.64 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 0.81 and a beta of 1.63. The business's fifty day moving average price is $5.86 and its two-hundred day moving average price is $4.68. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $7.62.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. UBS Group lowered their target price on Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Barclays boosted their target price on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price for the company. in a research note on Thursday, May 15th. Roth Capital upgraded Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price target on the stock in a report on Thursday, August 7th. Finally, Mizuho downgraded Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 target price on the stock. in a report on Monday, July 14th. Fourteen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $9.24.

About Shoals Technologies Group

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.