Millennium Management LLC Has $1.12 Million Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Millennium Management LLC decreased its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 91.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 201,812 shares of the company's stock after selling 2,176,645 shares during the quarter. Millennium Management LLC owned about 0.12% of Shoals Technologies Group worth $1,116,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SHLS. Tower Research Capital LLC TRC grew its position in shares of 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 buying an additional 2,652 shares during the period. Cibc World Markets Corp acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $87,000. Versor Investments LP acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $91,000. Granahan Investment Management LLC acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $99,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $110,000.

Shoals Technologies Group Stock Performance

NASDAQ SHLS traded up $0.22 on Friday, hitting $5.16. 3,947,968 shares of the stock were exchanged, compared to its average volume of 5,969,314. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The business's fifty day moving average is $4.12 and its 200 day moving average is $4.32. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $7.96. The company has a market capitalization of $862.62 million, a PE ratio of 25.80, a P/E/G ratio of 0.52 and a beta of 1.64.

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 the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. During the same period last year, the company posted $0.07 earnings per share. The business's revenue was down 11.2% compared to the same quarter last year. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHLS. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. The Goldman Sachs Group boosted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Mizuho boosted their price objective on shares of Shoals Technologies Group from $6.00 to $7.00 and gave the company an "outperform" rating in a report on Monday, June 2nd. Guggenheim boosted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Friday, May 9th. Finally, BNP Paribas Exane cut shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a report on Thursday, May 15th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Hold" and an average price target 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.