ProShare Advisors LLC Has $633,000 Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

ProShare Advisors LLC lifted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 52.1% in the 1st quarter, Holdings Channel reports. The institutional investor owned 27,760 shares of the company’s stock after acquiring an additional 9,503 shares during the period. ProShare Advisors LLC’s holdings in Shoals Technologies Group were worth $633,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of SHLS. Citigroup Inc. grew its holdings in Shoals Technologies Group by 1.9% during the first quarter. Citigroup Inc. now owns 27,663 shares of the company’s stock valued at $630,000 after purchasing an additional 526 shares during the period. Vahanian & Associates Financial Planning Inc. lifted its stake in Shoals Technologies Group by 2.2% in the first quarter. Vahanian & Associates Financial Planning Inc. now owns 26,097 shares of the company’s stock valued at $595,000 after buying an additional 550 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Shoals Technologies Group by 0.3% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 249,812 shares of the company’s stock valued at $5,693,000 after buying an additional 628 shares in the last quarter. ETF Managers Group LLC lifted its stake in Shoals Technologies Group by 1.5% in the first quarter. ETF Managers Group LLC now owns 42,361 shares of the company’s stock valued at $965,000 after buying an additional 632 shares in the last quarter. Finally, TFC Financial Management Inc. lifted its stake in Shoals Technologies Group by 56.8% in the first quarter. TFC Financial Management Inc. now owns 2,062 shares of the company’s stock valued at $47,000 after buying an additional 747 shares in the last quarter.

Insiders Place Their Bets

In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 7,279 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $24.78, for a total value of $180,373.62. Following the transaction, the general counsel now directly owns 83,375 shares in the company, valued at $2,066,032.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.67% of the company’s stock.

Analyst Ratings Changes

SHLS has been the topic of a number of research reports. Barclays lifted their price target on shares of Shoals Technologies Group from $19.00 to $20.00 and gave the company an “underweight” rating in a research note on Friday, August 4th. JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $35.00 to $38.00 in a research note on Wednesday, July 19th. Cantor Fitzgerald raised shares of Shoals Technologies Group from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $27.00 to $28.00 in a research note on Tuesday. Morgan Stanley cut their price objective on shares of Shoals Technologies Group from $28.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Oppenheimer reissued an “outperform” rating and issued a $42.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.89.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $19.88 on Friday. The company has a current ratio of 2.59, a quick ratio of 1.71 and a debt-to-equity ratio of 0.39. The firm’s fifty day moving average price is $23.02 and its two-hundred day moving average price is $23.01. Shoals Technologies Group, Inc. has a 1 year low of $17.32 and a 1 year high of $32.43. The firm has a market capitalization of $3.38 billion, a P/E ratio of 20.33 and a beta of 2.11.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.01. Shoals Technologies Group had a net margin of 37.53% and a return on equity of 21.69%. The firm had revenue of $119.21 million for the quarter, compared to analyst estimates of $111.94 million. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.5 EPS for the current 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 charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions.