Wellington Management Group LLP Increases Stock Position in Shoals Technologies Group, Inc. $SHLS

Key Points

• Wellington Management Group LLP increased its stake in Shoals Technologies Group by 51.9%, now owning 21,615,890 shares valued at approximately $71.77 million.
• Shoals Technologies Group reported a quarterly earnings per share of $0.10, beating estimates of $0.08, along with revenue of $110.84 million, surpassing analyst expectations.
• Analysts have a generally positive outlook for Shoals Technologies Group, with 14 rating the stock as a "Buy" and a target price averaging $9.15.

Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 51.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,615,890 shares of the company's stock after purchasing an additional 7,382,548 shares during the period. Wellington Management Group LLP owned about 12.94% of Shoals Technologies Group worth $71,765,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Goodlander Investment Management LLC acquired a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $8,295,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Shoals Technologies Group during the 1st quarter worth approximately $65,000. Janney Montgomery Scott LLC boosted its position in Shoals Technologies Group by 187.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 269,096 shares of the company's stock valued at $893,000 after buying an additional 175,627 shares during the period. Schonfeld Strategic Advisors LLC grew its stake in shares of Shoals Technologies Group by 189.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock worth $684,000 after acquiring an additional 80,911 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in shares of Shoals Technologies Group by 45.3% in the fourth quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock worth $10,410,000 after acquiring an additional 587,235 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHLS. Barclays increased their price objective on Shoals Technologies Group from $4.00 to $7.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Roth Capital raised 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, August 7th. BNP Paribas reiterated an "underperform" rating and issued a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a research report on Thursday, May 15th. Finally, Citigroup upped their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Fourteen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $9.15.

Shoals Technologies Group Stock Up 0.6%

Shares of Shoals Technologies Group stock traded up $0.04 during trading hours on Tuesday, hitting $6.84. The company had a trading volume of 6,084,129 shares, compared to its average volume of 6,378,451. 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 company's 50-day moving average is $5.43 and its two-hundred day moving average is $4.47. The company has a market cap of $1.14 billion, a P/E ratio of 52.62, a price-to-earnings-growth ratio of 0.79 and a beta of 1.61. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $7.13.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The firm had revenue of $110.84 million during the quarter, compared to analysts' expectations of $104.87 million. During the same period in the previous year, the company earned $0.10 earnings per share. Shoals Technologies Group's quarterly revenue 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. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

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.