Royce & Associates LP Increases Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Key Points

• Royce & Associates LP significantly increased its stake in Shoals Technologies Group by 519.8%, owning a total of 1,053,662 shares valued at approximately $3.5 million.
• Shoals Technologies Group reported a net margin of 4.90% and revenue of $80.36 million in its latest earnings report, despite an 11.2% decline compared to the previous year.
• Wall Street analysts have issued mixed ratings for Shoals Technologies Group, with an average price target of $8.77, reflecting both buy and sell sentiments.

Royce & Associates LP boosted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 519.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,053,662 shares of the company's stock after acquiring an additional 883,662 shares during the period. Royce & Associates LP owned 0.63% of Shoals Technologies Group worth $3,498,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Tower Research Capital LLC TRC raised its stake in Shoals Technologies Group by 20.6% in 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 last quarter. Stratos Wealth Partners LTD. raised its stake in shares of Shoals Technologies Group by 17.2% in the first quarter. Stratos Wealth Partners LTD. now owns 23,313 shares of the company's stock worth $77,000 after purchasing an additional 3,415 shares during the last quarter. Maven Securities LTD raised its position in Shoals Technologies Group by 11.1% during the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company's stock worth $276,000 after buying an additional 5,000 shares during the last quarter. Rhumbline Advisers raised its position in Shoals Technologies Group by 2.5% during the 1st quarter. Rhumbline Advisers now owns 248,924 shares of the company's stock worth $826,000 after buying an additional 6,112 shares during the last quarter. Finally, Barclays PLC raised its position in Shoals Technologies Group by 3.3% during the 4th quarter. Barclays PLC now owns 300,910 shares of the company's stock worth $1,665,000 after buying an additional 9,668 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHLS. Citigroup raised their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. BNP Paribas reiterated an "underperform" rating and set a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Barclays lifted their price target on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Mizuho lowered shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 target price for the company. in a report on Monday, July 14th. 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 research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $8.77.

Shoals Technologies Group Stock Up 0.8%

SHLS stock traded up $0.04 during midday trading on Thursday, hitting $5.43. The company's stock had a trading volume of 715,670 shares, compared to its average volume of 6,349,421. The company has a quick ratio of 1.58, a current ratio of 2.34 and a debt-to-equity ratio of 0.25. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $7.00. The firm has a market capitalization of $907.95 million, a P/E ratio of 44.95, a PEG ratio of 0.76 and a beta of 1.59. The firm has a 50-day simple moving average of $5.26 and a 200-day simple moving average of $4.40.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results 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 analysts' expectations of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The firm's revenue was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 EPS. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

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.