Nuveen Asset Management LLC Buys 181,444 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Nuveen Asset Management LLC grew its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 37.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 665,331 shares of the company's stock after buying an additional 181,444 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.40% of Shoals Technologies Group worth $3,679,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHLS. Maven Securities LTD raised its position in Shoals Technologies Group by 11.1% during the fourth quarter. Maven Securities LTD now owns 50,000 shares of the company's stock valued at $276,000 after acquiring an additional 5,000 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Shoals Technologies Group by 13.6% during the fourth quarter. Janus Henderson Group PLC now owns 334,556 shares of the company's stock worth $1,850,000 after buying an additional 39,958 shares in the last quarter. Goodlander Investment Management LLC bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at $8,295,000. Gotham Asset Management LLC lifted its holdings in shares of Shoals Technologies Group by 58.1% during the fourth quarter. Gotham Asset Management LLC now owns 75,733 shares of the company's stock valued at $419,000 after acquiring an additional 27,842 shares during the period. Finally, Graham Capital Management L.P. bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at about $1,227,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded up $0.04 during trading on Thursday, hitting $4.94. The company had a trading volume of 6,220,969 shares, compared to its average volume of 5,965,738. The stock has a 50 day simple moving average of $4.08 and a 200 day simple moving average of $4.32. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $7.96. The firm has a market capitalization of $825.84 million, a P/E ratio of 24.70, a price-to-earnings-growth ratio of 0.52 and a beta of 1.64.

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). The company 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 9.83% and a net margin of 7.78%. The firm's quarterly revenue was down 11.2% compared to the same quarter last year. During the same period last year, the business earned $0.07 EPS. 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

SHLS has been the subject of several recent research reports. Royal Bank of Canada dropped their price objective on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Roth Mkm decreased their target price on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Wolfe Research initiated coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating for the company. Citigroup boosted their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Finally, 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. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus 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.