Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stake Lowered by Van ECK Associates Corp

Van ECK Associates Corp trimmed its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 9.4% during the fourth quarter, Holdings Channel reports. The firm owned 162,641 shares of the company’s stock after selling 16,867 shares during the period. Van ECK Associates Corp’s holdings in Shoals Technologies Group were worth $2,528,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Arizona State Retirement System increased its position in Shoals Technologies Group by 1.4% in the third quarter. Arizona State Retirement System now owns 48,353 shares of the company’s stock worth $882,000 after buying an additional 689 shares during the period. Assetmark Inc. lifted its position in Shoals Technologies Group by 92.7% in the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during the last quarter. Values First Advisors Inc. boosted its stake in 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 purchasing an additional 771 shares during the period. Advisors Asset Management Inc. grew its position in Shoals Technologies Group by 5.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock worth $337,000 after purchasing an additional 929 shares during the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Shoals Technologies Group by 4.3% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 27,158 shares of the company’s stock valued at $496,000 after purchasing an additional 1,121 shares during the period.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $8.80 on Wednesday. Shoals Technologies Group, Inc. has a 52-week low of $8.06 and a 52-week high of $28.34. The stock has a market capitalization of $1.50 billion, a price-to-earnings ratio of 35.20 and a beta of 1.86. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The stock’s fifty day simple moving average is $10.79 and its 200 day simple moving average is $13.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $131.89 million. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of recent analyst reports. Piper Sandler decreased their price objective on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Mizuho lowered their price target on Shoals Technologies Group from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Friday, April 19th. Roth Mkm reduced their price objective on shares of Shoals Technologies Group from $20.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday. Truist Financial reissued a “buy” rating and set a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Royal Bank of Canada reduced their price target on shares of 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. Three analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $20.61.

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.