Assenagon Asset Management S.A. decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 77.5% in the 1st quarter, Holdings Channel.com reports. The fund owned 93,140 shares of the company’s stock after selling 321,405 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Shoals Technologies Group were worth $613,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD raised its holdings in Shoals Technologies Group by 151.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after acquiring an additional 7,685,515 shares in the last quarter. First Trust Advisors LP increased its position in shares of Shoals Technologies Group by 1,493.0% during the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after purchasing an additional 5,934,223 shares during the last quarter. Castle Hook Partners LP acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $40,095,000. Amundi raised its stake in shares of Shoals Technologies Group by 175.2% during the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock worth $49,075,000 after purchasing an additional 3,677,713 shares in the last quarter. Finally, Peconic Partners LLC raised its stake in shares of Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares in the last quarter.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on the stock. Roth Mkm reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. UBS Group increased their price target on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings upgraded shares of Shoals Technologies Group from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 22nd. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus price target of $9.79.
Shoals Technologies Group Trading Down 1.7%
Shares of Shoals Technologies Group stock opened at $9.95 on Friday. The business has a fifty day simple moving average of $9.80 and a two-hundred day simple moving average of $8.71. Shoals Technologies Group, Inc. has a 1 year low of $4.43 and a 1 year high of $13.18. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 49.75, a P/E/G ratio of 1.23 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The firm’s quarterly revenue was up 74.4% on a year-over-year basis. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.
Insider Activity
In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the sale, the chief financial officer owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.81% of the company’s stock.
Shoals Technologies Group Profile
Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.
Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.
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