SG Americas Securities LLC Decreases Stake in Shoals Technologies Group, Inc. $SHLS

Key Points

• SG Americas Securities LLC reduced its stake in Shoals Technologies Group by 75.7% in the first quarter, selling 554,817 shares and ending with 177,831 shares valued at about $1.17 million.
• Shoals reported strong quarterly results, with EPS of $0.07 beating estimates and revenue of $140.56 million, up 74.4% year over year.
• Wall Street remains cautiously positive on SHLS, with a Moderate Buy consensus rating and a consensus price target of $9.79, while some analysts recently adjusted targets up or down.

SG Americas Securities LLC cut its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 75.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 177,831 shares of the company's stock after selling 554,817 shares during the quarter. SG Americas Securities LLC owned approximately 0.11% of Shoals Technologies Group worth $1,170,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in Shoals Technologies Group by 57.7% in the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company's stock worth $32,000 after acquiring an additional 1,375 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at approximately $49,000. CIBC Asset Management Inc purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at approximately $85,000. Cibc World Markets Corp acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $95,000. Finally, Boothbay Fund Management LLC acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $105,000.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $9.95 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $9.85 and a 200-day simple moving average of $8.72. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 49.75, a PEG ratio of 1.21 and a beta of 1.90. Shoals Technologies Group, Inc. has a 12-month low of $4.43 and a 12-month high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The firm had revenue of $140.56 million for the quarter, compared to analyst estimates of $129.16 million. The firm's quarterly revenue was up 74.4% compared to the same quarter last year. On average, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of analyst reports. Wells Fargo & Company boosted their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 11th. Citigroup raised their price target on Shoals Technologies Group from $8.50 to $9.50 and gave the company a "neutral" rating in a research note on Wednesday, May 6th. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Wednesday, March 11th. Needham & Company LLC reaffirmed a "buy" rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded Shoals Technologies Group from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, May 22nd. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.79.

Insider Transactions at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 54,449 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the sale, the chief financial officer directly owned 394,979 shares of the company's stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares of the company's stock, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.81% of the stock is currently owned by insiders.

Shoals Technologies Group Profile

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.

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