XTX Topco Ltd Increases Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Key Points

• XTX Topco Ltd increased its stake in Shoals Technologies Group by 200.9%, owning 129,178 shares valued at approximately $429,000 after purchasing 86,249 additional shares in the first quarter.
• Shoals Technologies Group reported $0.10 earnings per share for the last quarter, exceeding analysts' estimates of $0.08, with a year-over-year revenue increase of 11.7%.
• Research analysts have mixed ratings on the stock; while Jefferies Financial Group raised its price target to $7.20, BNP Paribas downgraded it to a target price of $4.00, reflecting differing outlooks on the company's performance.

XTX Topco Ltd lifted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 200.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 129,178 shares of the company's stock after buying an additional 86,249 shares during the period. XTX Topco Ltd owned about 0.08% of Shoals Technologies Group worth $429,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of SHLS. Goodlander Investment Management LLC bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $8,295,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $65,000. Janney Montgomery Scott LLC raised its stake in shares of Shoals Technologies Group by 187.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock valued at $893,000 after purchasing an additional 175,627 shares during the period. Schonfeld Strategic Advisors LLC raised its stake in shares of Shoals Technologies Group by 189.1% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock valued at $684,000 after purchasing an additional 80,911 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of Shoals Technologies Group by 45.3% during the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock valued at $10,410,000 after purchasing an additional 587,235 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHLS. BNP Paribas restated an "underperform" rating and issued a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Barclays upped their target price on Shoals Technologies Group from $4.00 to $7.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. UBS Group decreased their target price on Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. BNP Paribas Exane lowered Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a research report on Thursday, May 15th. Finally, Guggenheim increased their price objective on Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of "Moderate Buy" and an average price target of $9.15.

Shoals Technologies Group Price Performance

Shares of SHLS stock traded up $0.31 during trading hours on Wednesday, hitting $4.93. The stock had a trading volume of 2,829,350 shares, compared to its average volume of 6,343,453. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $7.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.34 and a quick ratio of 1.64. The stock's 50-day moving average price is $5.30 and its two-hundred day moving average price is $4.40. The stock has a market capitalization of $823.36 million, a price-to-earnings ratio of 37.96, a PEG ratio of 0.61 and a beta of 1.61.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $110.84 million for the quarter, compared to analysts' expectations of $104.87 million. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%. The firm's revenue for the quarter was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.10 earnings per share. 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.