Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Shoals Technologies Group by 5.5%, acquiring an additional 93,323 shares in the 1st quarter, bringing its total holdings to 1,787,007 shares valued at $5.93 million.
• Multiple equities analysts have issued contrasting ratings on Shoals, with BNP Paribas lowering its rating to "underperform" and setting a price target of $4.00, while Guggenheim and Goldman Sachs raised their targets to $6.00 and maintained a "buy" rating.
• Shoals Technologies Group reported $0.02 EPS for the latest quarter, missing the consensus estimate of $0.04, and experienced an 11.2% decline in year-over-year revenue.

Federated Hermes Inc. boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,787,007 shares of the company's stock after acquiring an additional 93,323 shares during the quarter. Federated Hermes Inc. owned 1.07% of Shoals Technologies Group worth $5,933,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its position in shares of Shoals Technologies Group by 92.1% during the 4th quarter. American Century Companies Inc. now owns 168,175 shares of the company's stock valued at $930,000 after purchasing an additional 80,624 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of Shoals Technologies Group during the 4th quarter valued at $175,000. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after purchasing an additional 576,736 shares during the period. Prudential Financial Inc. increased its position in shares of Shoals Technologies Group by 161.9% during the 4th quarter. Prudential Financial Inc. now owns 33,925 shares of the company's stock valued at $188,000 after purchasing an additional 20,974 shares during the period. Finally, Norges Bank acquired a new position in shares of Shoals Technologies Group during the 4th quarter valued at $12,472,000.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SHLS shares. BNP Paribas Exane cut Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target on the stock. in a research report on Thursday, May 15th. 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. Guggenheim lifted their price target 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. The Goldman Sachs Group raised their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Wednesday, May 7th. Finally, Mizuho lowered Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price objective for the company. in a research note on Monday, July 14th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $8.77.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $5.16 on Monday. The stock has a market cap of $862.65 million, a PE ratio of 43.00, a price-to-earnings-growth ratio of 0.70 and a beta of 1.61. The business has a fifty day simple moving average of $5.29 and a 200-day simple moving average of $4.39. 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 12 month low of $2.71 and a 12 month high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a return on equity of 7.63% and a net margin of 4.90%. The business's quarterly revenue was down 11.2% on a year-over-year basis. During the same period last year, the business earned $0.07 EPS. On average, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Shoals Technologies Group 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.

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