Jupiter Asset Management Ltd. Takes Position in Shoals Technologies Group, Inc. $SHLS

Key Points

• Jupiter Asset Management opened a new position in Shoals Technologies Group during the fourth quarter, buying 1,155,127 shares worth about $9.8 million and ending with roughly 0.69% ownership.
• Shoals also saw increased institutional interest from firms like Vanguard, UBS, and Invesco, while insider activity included CFO Dominic Bardos selling 54,449 shares in May.
• The company recently reported better-than-expected quarterly results, with EPS of $0.07 versus $0.06 expected and revenue up 74.4% year over year to $140.56 million; analysts currently rate the stock a consensus Moderate Buy with a $9.64 target price.

Jupiter Asset Management Ltd. acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,155,127 shares of the company's stock, valued at approximately $9,819,000. Jupiter Asset Management Ltd. owned about 0.69% of Shoals Technologies Group at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Shoals Technologies Group by 3.1% in the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company's stock valued at $115,550,000 after acquiring an additional 404,133 shares during the last quarter. Peconic Partners LLC boosted its stake in shares of Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock worth $29,645,000 after buying an additional 3,095,186 shares during the last quarter. UBS Group AG boosted its stake in shares of Shoals Technologies Group by 87.6% in the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company's stock worth $52,195,000 after buying an additional 2,867,959 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Shoals Technologies Group by 13.1% in the third quarter. Invesco Ltd. now owns 5,553,821 shares of the company's stock worth $41,154,000 after buying an additional 644,379 shares during the last quarter. Finally, Erste Asset Management GmbH boosted its stake in shares of Shoals Technologies Group by 44.1% in the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company's stock worth $33,873,000 after buying an additional 1,382,999 shares during the last quarter.

Insider Buying and Selling

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the transaction, the chief financial officer directly owned 394,979 shares of the company's stock, valued at $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.81% of the stock is owned by company insiders.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $12.45 on Friday. The company has a market cap of $2.08 billion, a PE ratio of 62.25, a price-to-earnings-growth ratio of 1.48 and a beta of 1.74. The stock's 50 day simple moving average is $8.02 and its 200-day simple moving average is $8.34. Shoals Technologies Group, Inc. has a 1-year low of $3.99 and a 1-year high of $13.18. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group's quarterly revenue was up 74.4% on a year-over-year basis. As a group, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on SHLS. Royal Bank Of Canada lowered their target price on Shoals Technologies Group from $10.00 to $9.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 25th. Jefferies Financial Group lowered their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating on the stock in a report on Wednesday, March 11th. JPMorgan Chase & Co. increased their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. UBS Group increased their price target on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Wells Fargo & Company lowered their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set an "equal weight" rating on the stock in a report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $9.64.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

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