KBC Group NV Reduces Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

KBC Group NV cut its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of Shoals Technologies Group by 6.2% in the fourth quarter. Bank of New York Mellon Corp now owns 559,580 shares of the company's stock worth $3,094,000 after acquiring an additional 32,908 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Shoals Technologies Group by 344.1% in the fourth quarter. Victory Capital Management Inc. now owns 169,999 shares of the company's stock worth $940,000 after acquiring an additional 131,718 shares during the last quarter. Erste Asset Management GmbH grew its stake in shares of Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after acquiring an additional 128,664 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Shoals Technologies Group by 10.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 211,167 shares of the company's stock worth $1,191,000 after acquiring an additional 19,867 shares during the last quarter. Finally, Royce & Associates LP purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth $940,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded up $0.45 during trading on Friday, hitting $5.92. The company had a trading volume of 4,768,915 shares, compared to its average volume of 5,945,558. The stock has a 50 day simple moving average of $4.84 and a 200 day simple moving average of $4.37. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.58 and a current ratio of 2.34. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $7.08. The firm has a market capitalization of $988.87 million, a P/E ratio of 49.29, a price-to-earnings-growth ratio of 0.82 and a beta of 1.59.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate 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 company had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same period last year, the business earned $0.07 EPS. The firm's quarterly revenue was down 11.2% compared to the same quarter last year. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SHLS. The Goldman Sachs Group upped their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. BNP Paribas reaffirmed an "underperform" rating and set a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Guggenheim upped their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Friday, May 9th. Mizuho upped their price target on Shoals Technologies Group from $6.00 to $7.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Finally, BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target on the stock. in a report on Thursday, May 15th. 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $8.45.

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.