Pictet Asset Management Holding SA Trims Stock Holdings in Shoals Technologies Group, Inc. $SHLS

Key Points

• Pictet Asset Management trimmed its stake in Shoals Technologies by 9.7%, selling 510,530 shares and ending the quarter with 4,732,945 shares (about 2.83% of the company) valued at $40.23 million.
• Analyst sentiment is mixed but mildly positive: ten analysts rate SHLS a Buy, six Hold and one Sell, giving a consensus rating of "Moderate Buy" and a $9.43 average price target amid several recent target cuts to the $9–$11 range.
• Shoals reported Q4 revenue of $148.33 million (up 38.6% YoY) but missed EPS estimates ($0.10 vs. $0.14); the stock opened at $7.34 (down 4.1%), with a market cap of $1.23 billion and a 52-week range of $3.49–$11.36.

Pictet Asset Management Holding SA lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,732,945 shares of the company's stock after selling 510,530 shares during the quarter. Pictet Asset Management Holding SA owned about 2.83% of Shoals Technologies Group worth $40,230,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. GAMMA Investing LLC increased its holdings in shares of Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company's stock valued at $32,000 after acquiring an additional 1,375 shares in the last quarter. USA Financial Formulas bought a new position in Shoals Technologies Group in the 4th quarter worth about $49,000. State of Alaska Department of Revenue purchased a new stake in Shoals Technologies Group during the 3rd quarter valued at about $54,000. Dynamic Technology Lab Private Ltd purchased a new stake in Shoals Technologies Group during the 1st quarter valued at about $57,000. Finally, Tower Research Capital LLC TRC increased its stake in Shoals Technologies Group by 468.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company's stock valued at $66,000 after purchasing an additional 12,788 shares in the last quarter.

Analyst Ratings Changes

Several analysts have commented on SHLS shares. Royal Bank Of Canada cut their target price on Shoals Technologies Group from $10.00 to $9.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 25th. TD Cowen reaffirmed a "buy" rating on shares of Shoals Technologies Group in a report on Tuesday, February 24th. BNP Paribas Exane raised Shoals Technologies Group from an "underperform" rating to a "neutral" rating and set a $9.00 price objective on the stock in a research report on Wednesday, February 25th. Guggenheim reduced their price objective on Shoals Technologies Group from $12.00 to $11.00 and set a "buy" rating for the company in a report on Wednesday, February 25th. Finally, UBS Group decreased their target price on Shoals Technologies Group from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday, February 25th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $9.43.

Shoals Technologies Group Stock Down 4.1%

SHLS stock opened at $7.34 on Thursday. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 36.70, a P/E/G ratio of 0.89 and a beta of 1.64. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 2.03. The business's 50-day moving average is $6.86 and its two-hundred day moving average is $8.40. Shoals Technologies Group, Inc. has a fifty-two week low of $3.49 and a fifty-two week high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The firm had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. During the same quarter in the prior year, the firm earned $0.08 earnings per share. The company's revenue for the quarter was up 38.6% compared to the same quarter last year. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.37 earnings per share for the current year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

Want to see what other hedge funds are holding SHLS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.