Shoals Technologies Group, Inc. $SHLS Shares Bought by Tidal Investments LLC

Key Points

• Tidal Investments increased its Shoals Technologies stake by 91.3% in the second quarter, adding 177,223 shares to own 371,409 shares valued at approximately $3.68 million.
• Analyst sentiment remains favorable, with 11 Buy ratings and six Holds giving SHLS a consensus “Moderate Buy” rating and an average price target of $10.71.
• Shoals exceeded quarterly expectations, reporting $0.12 EPS versus $0.10 expected and $163.37 million in revenue, up 47.4% year over year.

Tidal Investments LLC lifted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 91.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 371,409 shares of the company's stock after buying an additional 177,223 shares during the period. Tidal Investments LLC owned about 0.22% of Shoals Technologies Group worth $3,677,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in SHLS. Principal Financial Group Inc. boosted its stake in shares of Shoals Technologies Group by 0.5% during the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company's stock worth $2,593,000 after acquiring an additional 1,883 shares in the last quarter. KBC Group NV purchased a new position in Shoals Technologies Group in the 1st quarter valued at approximately $30,000. Ardsley Advisory Partners LP boosted its position in Shoals Technologies Group by 25.0% during the fourth quarter. Ardsley Advisory Partners LP now owns 25,000 shares of the company's stock worth $212,000 after purchasing an additional 5,000 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Shoals Technologies Group during the second quarter worth $53,000. Finally, PNC Financial Services Group Inc. grew its holdings in Shoals Technologies Group by 378.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company's stock valued at $50,000 after purchasing an additional 5,983 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SHLS shares. Jefferies Financial Group increased their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Citigroup reissued a "neutral" rating on shares of Shoals Technologies Group in a research note on Wednesday, July 22nd. Guggenheim reiterated a "buy" rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Roth Capital reissued a "buy" rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Finally, The Goldman Sachs Group raised their target price on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Moderate Buy" and an average price target of $10.71.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $7.05 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32. The company has a market cap of $1.19 billion, a P/E ratio of 37.11, a P/E/G ratio of 0.90 and a beta of 1.89. Shoals Technologies Group, Inc. has a fifty-two week low of $5.43 and a fifty-two week high of $13.18. The firm's 50 day moving average is $8.48 and its two-hundred day moving average is $8.41.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.02. The company had revenue of $163.37 million during the quarter, compared to analysts' expectations of $160.03 million. Shoals Technologies Group had a net margin of 5.41% and a return on equity of 10.07%. The business's quarterly revenue was up 47.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.10 EPS. Analysts expect that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc NASDAQ: SHLS develops and supplies electrical balance-of-system (EBOS) products for solar energy installations. Its solutions connect, protect, combine and monitor the electrical output of photovoltaic panels, helping solar developers and installers improve system reliability and simplify project construction.

The company's product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, cable-management systems and other wiring and connectivity solutions.

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