Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC grew its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 187.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 269,096 shares of the company's stock after purchasing an additional 175,627 shares during the period. Janney Montgomery Scott LLC owned about 0.16% of Shoals Technologies Group worth $893,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank purchased a new position in Shoals Technologies Group in the 4th quarter valued at approximately $12,472,000. Goodlander Investment Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at $8,295,000. Wellington Management Group LLP grew its stake 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 worth $78,710,000 after purchasing an additional 1,125,938 shares in the last quarter. Invesco Ltd. increased 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 worth $35,480,000 after purchasing an additional 1,098,577 shares during the period. Finally, Callodine Capital Management LP purchased a new stake in Shoals Technologies Group during the 4th quarter worth about $4,424,000.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded up $0.21 during midday trading on Wednesday, reaching $5.47. The stock had a trading volume of 5,739,420 shares, compared to its average volume of 5,926,952. The company has a quick ratio of 1.58, a current ratio of 2.34 and a debt-to-equity ratio of 0.25. The stock has a market cap of $914.47 million, a P/E ratio of 21.94, a P/E/G ratio of 0.72 and a beta of 1.59. The firm has a fifty day simple moving average of $4.70 and a two-hundred day simple moving average of $4.35. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $7.08.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued 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). Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The firm had revenue of $80.36 million for the quarter, compared to analyst estimates of $74.66 million. During the same quarter last year, the firm earned $0.07 earnings per share. The company's revenue was down 11.2% compared to the same quarter last year. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on SHLS. 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 note on Wednesday, May 7th. BNP Paribas reissued an "underperform" rating and issued a $4.00 price objective (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Citigroup lifted their price objective on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas Exane downgraded shares of 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. Finally, Jefferies Financial Group decreased their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a report on Wednesday, March 12th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $8.45.

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.