Pacer Advisors Inc. Invests $5.35 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Pacer Advisors Inc. acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,611,406 shares of the company's stock, valued at approximately $5,350,000. Pacer Advisors Inc. owned approximately 0.96% of Shoals Technologies Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Goodlander Investment Management LLC acquired a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $8,295,000. Wealth Enhancement Advisory Services LLC purchased a new position in Shoals Technologies Group in the first quarter worth approximately $65,000. Janney Montgomery Scott LLC lifted its stake in Shoals Technologies Group by 187.9% in the first quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock worth $893,000 after acquiring an additional 175,627 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in Shoals Technologies Group by 189.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock worth $684,000 after acquiring an additional 80,911 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Shoals Technologies Group by 45.3% in the fourth quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock worth $10,410,000 after acquiring an additional 587,235 shares during the last quarter.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.25 on Tuesday, reaching $5.58. 2,634,972 shares of the company were exchanged, compared to its average volume of 4,731,664. The company has a current ratio of 2.34, a quick ratio of 1.58 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 $7.00. The firm has a market cap of $932.86 million, a price-to-earnings ratio of 46.50, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. The company has a 50-day moving average of $5.24 and a 200-day moving average of $4.39.

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 for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $74.66 million. During the same period last year, the company earned $0.07 earnings per share. The business's revenue for the quarter was down 11.2% compared to the same quarter last year. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Ratings Changes

SHLS has been the subject of several recent analyst reports. Jefferies Financial Group upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $4.90 to $7.20 in a research report on Monday, July 7th. Barclays lifted their target price on shares of Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Citigroup lifted their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Guggenheim lifted their target price 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, The Goldman Sachs Group lifted their target price 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. Four investment 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. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $8.77.

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.