Daiwa Securities Group Inc. Purchases Shares of 83,900 Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Daiwa Securities Group Inc. purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 83,900 shares of the company’s stock, valued at approximately $1,304,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SHLS. Assetmark Inc. raised its stake in Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after buying an additional 765 shares during the last quarter. ANTIPODES PARTNERS Ltd purchased a new stake in Shoals Technologies Group in the fourth quarter valued at about $33,000. Exchange Traded Concepts LLC purchased a new stake in Shoals Technologies Group in the third quarter valued at about $48,000. Headlands Technologies LLC raised its stake in Shoals Technologies Group by 101.4% in the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock valued at $81,000 after buying an additional 2,245 shares during the last quarter. Finally, Trium Capital LLP purchased a new stake in Shoals Technologies Group in the third quarter valued at about $93,000.

Shoals Technologies Group Stock Up 0.4 %

Shares of SHLS opened at $8.46 on Wednesday. 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 12 month low of $8.06 and a 12 month high of $28.34. The stock’s 50 day moving average is $12.06 and its two-hundred day moving average is $13.81. The firm has a market cap of $1.44 billion, a P/E ratio of 33.84 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data 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 net margin of 8.18% and a return on equity of 16.02%. The business had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Analysts predict that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

SHLS has been the subject of a number of research analyst reports. Royal Bank of Canada decreased their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Piper Sandler decreased their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Cantor Fitzgerald restated an “overweight” rating and issued a $24.00 price objective on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Finally, Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a research note on Friday, January 19th. They issued a “buy” rating and a $20.00 price objective for the company. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.94.

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.