Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stake Cut by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lessened its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 99.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,800 shares of the company’s stock after selling 1,251,900 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Shoals Technologies Group were worth $171,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after buying an additional 2,764,566 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. Glenmede Trust Co. NA acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $206,000. Assenagon Asset Management S.A. lifted its holdings in shares of 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 during the last quarter. Finally, Advisors Asset Management Inc. boosted its position in Shoals Technologies Group by 5.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock valued at $337,000 after purchasing an additional 929 shares during the period.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SHLS shares. Piper Sandler dropped their target price on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. UBS Group dropped their price objective on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Oppenheimer cut their price objective on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. TD Cowen decreased their target price on shares of Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Finally, Janney Montgomery Scott began coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $21.06.

Shoals Technologies Group Trading Down 4.2 %

Shares of Shoals Technologies Group stock opened at $8.35 on Wednesday. The business has a fifty day simple moving average of $12.83 and a 200-day simple moving average of $14.08. Shoals Technologies Group, Inc. has a fifty-two week low of $8.23 and a fifty-two week high of $28.34. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 33.40 and a beta of 1.79. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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 business had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. On average, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.51 EPS 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.