KBC Group NV Sells 95,980 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

KBC Group NV lowered its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 48.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 101,509 shares of the company's stock after selling 95,980 shares during the period. KBC Group NV owned about 0.06% of Shoals Technologies Group worth $337,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. American Trust bought a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $72,000. 49 Wealth Management LLC acquired a new position in Shoals Technologies Group in the fourth quarter valued at $74,000. State of Wyoming boosted its position in Shoals Technologies Group by 250.7% during the fourth quarter. State of Wyoming now owns 15,117 shares of the company's stock valued at $84,000 after acquiring an additional 10,806 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after acquiring an additional 2,652 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group in the 4th quarter worth about $87,000.

Shoals Technologies Group Stock Up 5.4%

Shares of NASDAQ SHLS traded up $0.32 during trading on Monday, hitting $6.30. The stock had a trading volume of 9,098,453 shares, compared to its average volume of 5,958,518. The firm has a fifty day moving average of $4.84 and a two-hundred day moving average of $4.37. The company has a market capitalization of $1.05 billion, a PE ratio of 52.50, a PEG ratio of 0.82 and a beta of 1.59. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.34 and a quick ratio of 1.58. 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 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 during the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The company's revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 earnings per share. As a group, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHLS has been the subject of several recent analyst reports. The Goldman Sachs Group raised 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. Citigroup raised 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. Guggenheim boosted 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 report on Friday, May 9th. Mizuho raised their price target on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Finally, Jefferies Financial Group raised shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their price target for the company from $4.90 to $7.20 in a research note on Monday. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $8.63.

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.