Sumitomo Mitsui Trust Holdings Inc. Purchases 10,686 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui Trust Holdings Inc. boosted its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 377,188 shares of the company’s stock after purchasing an additional 10,686 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Shoals Technologies Group were worth $5,862,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System grew its position in shares of Shoals Technologies Group by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 48,353 shares of the company’s stock valued at $882,000 after acquiring an additional 689 shares during the period. Assetmark Inc. grew its position in shares of Shoals Technologies Group by 92.7% during the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after acquiring an additional 765 shares during the period. Values First Advisors Inc. grew its position in shares of Shoals Technologies Group by 2.6% during the 3rd quarter. Values First Advisors Inc. now owns 30,977 shares of the company’s stock valued at $565,000 after acquiring an additional 771 shares during the period. Advisors Asset Management Inc. grew its position in shares of 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 acquiring an additional 929 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its position in shares of Shoals Technologies Group by 4.3% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 27,158 shares of the company’s stock valued at $496,000 after acquiring an additional 1,121 shares during the period.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $8.46 on Wednesday. Shoals Technologies Group, Inc. has a 1 year low of $8.06 and a 1 year high of $28.34. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The stock has a market capitalization of $1.44 billion, a PE ratio of 33.84 and a beta of 1.79. The company’s 50 day simple moving average is $12.06 and its two-hundred day simple moving average is $13.81.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). The company had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. Analysts predict that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Mizuho reduced their target price on shares of Shoals Technologies Group from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Royal Bank of Canada reduced their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Oppenheimer dropped their price target on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Finally, Barclays dropped their price target on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.94.

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.