KBC Group NV decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 101,509 shares of the company's stock after selling 95,980 shares during the quarter. KBC Group NV owned 0.06% of Shoals Technologies Group worth $337,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Shoals Technologies Group in the 4th quarter worth about $12,472,000. Goodlander Investment Management LLC purchased a new stake in Shoals Technologies Group in the 4th quarter worth about $8,295,000. Wellington Management Group LLP lifted its stake in 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 worth $78,710,000 after acquiring an additional 1,125,938 shares in the last quarter. Invesco Ltd. lifted its stake in Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock worth $35,480,000 after acquiring an additional 1,098,577 shares in the last quarter. Finally, Callodine Capital Management LP acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $4,424,000.
Shoals Technologies Group Stock Performance
SHLS traded up $0.02 during midday trading on Wednesday, reaching $5.74. The company's stock had a trading volume of 3,579,676 shares, compared to its average volume of 5,956,984. The stock has a market cap of $959.61 million, a P/E ratio of 47.83, a PEG ratio of 0.78 and a beta of 1.59. The company has a fifty day simple moving average of $4.97 and a 200 day simple moving average of $4.40. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.25. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $7.08.
Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $80.36 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts recently commented on SHLS shares. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a report on Thursday, May 15th. The Goldman Sachs Group lifted their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. BNP Paribas reiterated an "underperform" rating and issued a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Mizuho lifted their target price on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the company an "outperform" rating in a research note on Monday, June 2nd. Finally, Jefferies Financial Group upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their target price for the company from $4.90 to $7.20 in a research note on Monday. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of "Hold" and an average target price of $8.63.
Read Our Latest Research Report on Shoals Technologies Group
About Shoals Technologies Group
(
Free Report)
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.
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