Sumitomo Mitsui DS Asset Management Company Ltd Has $1.93 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 62.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,406 shares of the company's stock after selling 206,229 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd owned approximately 0.07% of Shoals Technologies Group worth $1,933,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 38.0% in the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company's stock valued at $183,329,000 after acquiring an additional 2,764,566 shares during the last quarter. Clearbridge Investments LLC increased its position in Shoals Technologies Group by 2.6% during the 3rd quarter. Clearbridge Investments LLC now owns 8,743,607 shares of the company's stock worth $159,571,000 after purchasing an additional 222,249 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company's stock valued at $116,217,000 after buying an additional 1,402,419 shares during the period. William Blair Investment Management LLC lifted its position in Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company's stock valued at $108,310,000 after buying an additional 1,190,411 shares in the last quarter. Finally, FMR LLC increased its position in shares of Shoals Technologies Group by 97.4% in the third quarter. FMR LLC now owns 1,973,610 shares of the company's stock worth $36,018,000 after acquiring an additional 974,058 shares in the last quarter.

Wall Street Analyst Weigh In

SHLS has been the topic of several recent research reports. Royal Bank of Canada reduced their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, February 29th. Cantor Fitzgerald restated an "overweight" rating and set a $24.00 price objective on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Barclays lowered their target price on 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. Mizuho reduced their price target on Shoals Technologies Group from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, April 19th. Finally, Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $16.00 to $14.00 and set an "overweight" rating for the company in a research report on Thursday, April 11th. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of "Moderate Buy" and a consensus price target of $20.94.

Shoals Technologies Group Stock Performance

Shares of SHLS stock traded down $0.23 on Thursday, hitting $8.26. 2,628,176 shares of the stock traded hands, compared to its average volume of 3,855,215. The company has a market capitalization of $1.41 billion, a PE ratio of 33.04 and a beta of 1.79. The company's fifty day moving average is $11.74 and its 200 day moving average is $13.74. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. Shoals Technologies Group, Inc. has a 1-year low of $8.06 and a 1-year high of $28.34.

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