Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Holdings Increased 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. lifted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,787,007 shares of the company's stock after acquiring an additional 93,323 shares during the quarter. Federated Hermes Inc. owned about 1.07% of Shoals Technologies Group worth $5,933,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Cerity Partners LLC purchased a new stake in shares of Shoals Technologies Group during the first quarter valued at approximately $43,000. MQS Management LLC purchased a new stake in Shoals Technologies Group during the 1st quarter worth $43,000. American Trust acquired a new position in Shoals Technologies Group in the 4th quarter worth $72,000. 49 Wealth Management LLC purchased a new position in Shoals Technologies Group in the 4th quarter valued at about $74,000. Finally, State of Wyoming grew its stake in shares of Shoals Technologies Group by 250.7% during the fourth quarter. State of Wyoming now owns 15,117 shares of the company's stock valued at $84,000 after acquiring an additional 10,806 shares in the last quarter.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of recent analyst reports. BNP Paribas restated an "underperform" rating and set a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Jefferies Financial Group upgraded shares of Shoals Technologies Group from a "hold" rating to a "buy" rating and lifted their price target for the stock from $4.90 to $7.20 in a research note on Monday, July 7th. Barclays upped their price target 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. Mizuho lowered shares of Shoals Technologies Group from an "outperform" rating to a "neutral" rating and set a $7.00 price objective for the company. in a report on Monday, July 14th. Finally, Roth Capital raised shares of Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price target on the stock in a research report on Thursday. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $8.92.

Shoals Technologies Group Trading Up 0.1%

Shares of Shoals Technologies Group stock traded up $0.01 on Friday, reaching $4.78. 3,142,945 shares of the company were exchanged, compared to its average volume of 6,358,577. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.23. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.00. The firm has a market capitalization of $798.28 million, a price-to-earnings ratio of 36.43, a price-to-earnings-growth ratio of 0.63 and a beta of 1.61. The stock has a fifty day moving average price of $5.31 and a 200-day moving average price of $4.40.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The business had revenue of $110.84 million for the quarter, compared to the consensus estimate of $104.87 million. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The firm's quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. On average, analysts expect 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.