DekaBank Deutsche Girozentrale Reduces Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

DekaBank Deutsche Girozentrale decreased its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 99.1% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 10,800 shares of the company's stock after selling 1,251,900 shares during the quarter. DekaBank Deutsche Girozentrale's holdings in Shoals Technologies Group were worth $171,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SHLS. Alliancebernstein L.P. lifted its position in shares of Shoals Technologies Group by 4,053.2% during the fourth quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company's stock worth $129,634,000 after purchasing an additional 5,128,195 shares in the last quarter. BlackRock Inc. increased its position in shares of Shoals Technologies Group by 23.6% during the first quarter. BlackRock Inc. now owns 16,288,180 shares of the company's stock worth $371,208,000 after acquiring an additional 3,112,106 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company's stock worth $183,329,000 after acquiring an additional 2,764,566 shares in the last quarter. Norges Bank bought a new position in Shoals Technologies Group in the fourth quarter valued at $46,964,000. Finally, Capital Research Global Investors grew its position in Shoals Technologies Group by 107.7% in the first quarter. Capital Research Global Investors now owns 3,466,612 shares of the company's stock valued at $59,071,000 after purchasing an additional 1,797,637 shares in the last quarter.

Analyst Ratings Changes

SHLS has been the subject of a number of recent analyst reports. TD Cowen cut their price target on shares of Shoals Technologies Group from $30.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, February 29th. UBS Group cut their price target on shares of Shoals Technologies Group from $28.00 to $20.00 and set a "buy" rating for the company in a research note on Friday, March 1st. Royal Bank of Canada cut their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday, February 29th. Mizuho reiterated a "buy" rating and issued a $18.00 price target (down previously from $19.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Barclays cut their price target on shares of Shoals Technologies Group from $15.00 to $13.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.06.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded down $0.07 during mid-day trading on Wednesday, reaching $8.28. The company's stock had a trading volume of 4,624,304 shares, compared to its average volume of 3,900,124. Shoals Technologies Group, Inc. has a 12-month low of $8.23 and a 12-month high of $28.34. The firm's fifty day moving average price is $12.69 and its two-hundred day moving average price is $14.04. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.41 billion, a P/E ratio of 33.12 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million for the quarter, compared to analysts' expectations of $131.89 million. On average, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.51 EPS for the current fiscal 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.