Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by KBC Group NV

KBC Group NV reduced its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,509 shares of the company's stock after selling 95,980 shares during the quarter. KBC Group NV owned about 0.06% of Shoals Technologies Group worth $337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in SHLS. Norges Bank bought a new stake in shares of Shoals Technologies Group during the fourth quarter worth $12,472,000. Goodlander Investment Management LLC purchased a new position in Shoals Technologies Group in the fourth quarter valued at about $8,295,000. Wellington Management Group LLP grew its stake in shares of Shoals Technologies Group by 8.6% during the fourth 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 during the last quarter. Invesco Ltd. grew its stake in shares of Shoals Technologies Group by 20.7% during the fourth 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 during the last quarter. Finally, Callodine Capital Management LP acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $4,424,000.

Shoals Technologies Group Trading Up 4.9%

Shares of NASDAQ:SHLS traded up $0.29 during midday trading on Monday, reaching $6.27. The company's stock had a trading volume of 2,108,405 shares, compared to its average volume of 5,931,051. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 52.38, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59. The company has a quick ratio of 1.58, a current ratio of 2.34 and a debt-to-equity ratio of 0.25. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $7.08. The business has a 50 day moving average price of $4.84 and a 200 day moving average price of $4.37.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted 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 net margin of 4.90% and a return on equity of 7.63%. The firm had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same period last year, the firm posted $0.07 EPS. Shoals Technologies Group's revenue was down 11.2% on a year-over-year basis. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently commented on SHLS shares. Guggenheim boosted their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Friday, May 9th. The Goldman Sachs Group increased their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Jefferies Financial Group raised Shoals Technologies Group from a "hold" rating to a "buy" rating and increased their price target for the company from $4.90 to $7.20 in a research report on Monday. Mizuho raised their target price on Shoals Technologies Group from $6.00 to $7.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Citigroup raised their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.63.

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.