Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Clearbridge Investments LLC

Clearbridge Investments LLC lifted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,976,984 shares of the company's stock after purchasing an additional 233,377 shares during the period. Clearbridge Investments LLC owned about 5.28% of Shoals Technologies Group worth $139,502,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of SHLS. Wellington Management Group LLP grew its holdings 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 buying an additional 2,764,566 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in Shoals Technologies Group by 301.5% in the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company's stock valued at $39,206,000 after acquiring an additional 1,894,560 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Shoals Technologies Group by 24.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company's stock worth $333,000 after purchasing an additional 4,261 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company's stock worth $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. Finally, Glenmede Trust Co. NA purchased a new stake in shares of Shoals Technologies Group in the third quarter valued at approximately $206,000.

Shoals Technologies Group Stock Up 3.0 %

Shares of SHLS traded up $0.20 during mid-day trading on Tuesday, hitting $6.80. 4,758,212 shares of the company's stock were exchanged, compared to its average volume of 4,217,174. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 37.78 and a beta of 1.86. The stock's 50-day moving average is $9.44 and its 200-day moving average is $12.70. Shoals Technologies Group, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.04). The business had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. On average, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of analyst reports. Royal Bank of Canada reduced their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating on the stock in a research report on Thursday, February 29th. Cantor Fitzgerald lowered their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 8th. Oppenheimer cut their price objective on shares of Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating for the company in a research report on Thursday, February 29th. Roth Mkm downgraded shares of Shoals Technologies Group from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Finally, UBS Group dropped 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group currently has an average rating of "Moderate Buy" and an average target price of $17.29.

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.