Squarepoint Ops LLC Boosts Stock Holdings in Shoals Technologies Group, Inc. $SHLS

Key Points

• Squarepoint Ops LLC increased its Shoals Technologies Group stake by 410.9% in the second quarter, adding 295,484 shares to own 367,387 shares valued at approximately $3.64 million.
• Shoals reported quarterly EPS of $0.12, beating estimates by $0.02, while revenue reached $163.37 million—up 47.4% year over year and above expectations.
• Analysts maintain a generally positive view, with an average rating of “Moderate Buy” and an average price target of $10.71 versus the reported share price of $7.30.

Squarepoint Ops LLC raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 410.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 367,387 shares of the company's stock after purchasing an additional 295,484 shares during the period. Squarepoint Ops LLC owned 0.22% of Shoals Technologies Group worth $3,637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of SHLS. KBC Group NV bought a new stake in shares of Shoals Technologies Group in the first quarter valued at $30,000. PNC Financial Services Group Inc. grew its stake in shares of Shoals Technologies Group by 378.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company's stock worth $50,000 after acquiring an additional 5,983 shares during the period. CIBC Asset Management Inc purchased a new stake in Shoals Technologies Group in the 4th quarter worth about $85,000. Miller Howard Investments Inc. NY purchased a new stake in Shoals Technologies Group in the 1st quarter worth about $70,000. Finally, Fifth Third Bancorp bought a new stake in Shoals Technologies Group in the 1st quarter valued at about $71,000.

Shoals Technologies Group Trading Up 2.7%

Shares of SHLS opened at $7.30 on Friday. Shoals Technologies Group, Inc. has a twelve month low of $5.43 and a twelve month high of $13.18. The stock has a market cap of $1.23 billion, a PE ratio of 38.42, a P/E/G ratio of 0.90 and a beta of 1.89. 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 business's 50-day moving average price is $8.55 and its 200-day moving average price is $8.42.

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

Insider Buying and Selling

In other Shoals Technologies Group news, insider Bobbie King, Jr. sold 10,000 shares of the firm's stock in a transaction on 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 transaction, the insider directly owned 98,918 shares of the company's stock, valued at $1,029,736.38. This trade represents a 9.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Barclays lifted their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Oppenheimer reaffirmed an "outperform" rating and issued a $13.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, August 4th. Jefferies Financial Group lifted 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. Roth Capital reissued a "buy" rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Finally, Guggenheim restated a "buy" rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, Shoals Technologies Group has an average rating of "Moderate Buy" and an average price target of $10.71.

About Shoals Technologies Group

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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