Raymond James & Associates Cuts Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Raymond James & Associates cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 4.6% during the fourth quarter, Holdings Channel reports. The firm owned 171,714 shares of the company’s stock after selling 8,258 shares during the quarter. Raymond James & Associates’ holdings in Shoals Technologies Group were worth $2,668,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in SHLS. Bank of New York Mellon Corp grew its position in shares of Shoals Technologies Group by 2.7% during the first quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock worth $5,813,000 after buying an additional 9,067 shares in the last quarter. US Bancorp DE grew its position in shares of Shoals Technologies Group by 700.2% during the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock worth $110,000 after buying an additional 5,644 shares in the last quarter. Bank of Montreal Can grew its position in shares of Shoals Technologies Group by 41.1% during the first quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock worth $597,000 after buying an additional 9,691 shares in the last quarter. MetLife Investment Management LLC acquired a new position in shares of Shoals Technologies Group during the first quarter worth about $36,000. Finally, Vontobel Holding Ltd. grew its position in shares of Shoals Technologies Group by 4.4% during the first quarter. Vontobel Holding Ltd. now owns 129,641 shares of the company’s stock worth $2,324,000 after buying an additional 5,467 shares in the last quarter.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $9.17 on Monday. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. Shoals Technologies Group, Inc. has a twelve month low of $9.09 and a twelve month high of $28.34. The stock has a 50 day moving average of $13.06 and a two-hundred day moving average of $14.23. The stock has a market cap of $1.56 billion, a P/E ratio of 36.68 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) 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 return on equity of 16.02% and a net margin of 8.18%. The company had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of analyst reports. Truist Financial reissued a “buy” rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Royal Bank of Canada lowered their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Janney Montgomery Scott assumed coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price target for the company. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Mizuho reaffirmed a “buy” rating and issued a $18.00 price target (down from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.06.

Shoals Technologies Group Company 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.