Vident Advisory LLC Buys Shares of 40,460 Shoals Technologies Group, Inc. $SHLS

Key Points

• Vident Advisory LLC has acquired a new position in Shoals Technologies Group, purchasing 40,460 shares valued at approximately $134,000 in the first quarter.
• Shoals Technologies Group reported $0.10 earnings per share for the last quarter, exceeding analysts' expectations by $0.02 and achieving an 11.7% increase in revenue compared to the previous year.
• Several hedge funds have increased their stakes in Shoals Technologies Group, with the State of Wyoming growing its investment by 538.9% to own 96,575 shares.

Vident Advisory LLC bought a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 40,460 shares of the company's stock, valued at approximately $134,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State of Wyoming grew its stake in Shoals Technologies Group by 538.9% in the first quarter. State of Wyoming now owns 96,575 shares of the company's stock valued at $321,000 after acquiring an additional 81,458 shares during the period. Ieq Capital LLC bought a new stake in shares of Shoals Technologies Group in the first quarter valued at $235,000. Keeley Teton Advisors LLC raised its stake in shares of Shoals Technologies Group by 36.4% during the 1st quarter. Keeley Teton Advisors LLC now owns 44,259 shares of the company's stock valued at $147,000 after purchasing an additional 11,808 shares during the period. FORA Capital LLC bought a new stake in shares of Shoals Technologies Group during the 1st quarter valued at $51,000. Finally, Harvest Portfolios Group Inc. bought a new position in Shoals Technologies Group in the 1st quarter worth about $210,000.

Shoals Technologies Group Trading Up 3.5%

SHLS opened at $6.88 on Thursday. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $7.62. The stock has a 50-day moving average of $5.86 and a 200 day moving average of $4.68. The firm has a market cap of $1.15 billion, a P/E ratio of 52.93, a P/E/G ratio of 0.81 and a beta of 1.63. The company has a current ratio of 2.34, a quick ratio of 1.64 and a debt-to-equity ratio of 0.23.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%.The business had revenue of $110.84 million during the quarter, compared to analyst estimates of $104.87 million. During the same quarter in the previous year, the business earned $0.10 earnings per share. The company's revenue for the quarter was up 11.7% compared to the same quarter last year. Shoals Technologies Group has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

SHLS has been the subject of a number of research reports. UBS Group cut their price objective on Shoals Technologies Group from $7.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Guggenheim upped their price target on Shoals Technologies Group from $6.00 to $8.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Barclays increased their target price on Shoals Technologies Group from $4.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Roth Capital raised Shoals Technologies Group from a "neutral" rating to a "buy" rating and set a $10.00 price objective for the company in a research report on Thursday, August 7th. Finally, BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a research note on Thursday, May 15th. Fourteen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Shoals Technologies Group has an average rating of "Moderate Buy" and a consensus target price of $9.24.

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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