Sumitomo Mitsui DS Asset Management Company Ltd Has $312,000 Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui DS Asset Management Company Ltd decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 48.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 50,051 shares of the company’s stock after selling 47,253 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Shoals Technologies Group were worth $312,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Shoals Technologies Group by 104.1% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Shoals Technologies Group by 48.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,469 shares of the company’s stock valued at $970,000 after purchasing an additional 51,058 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $54,000. Pallas Capital Advisors LLC acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $90,000. Finally, Harel Insurance Investments & Financial Services Ltd. raised its stake in Shoals Technologies Group by 113.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,674 shares of the company’s stock worth $254,000 after buying an additional 21,662 shares during the last quarter.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a report on Wednesday, August 7th. TD Cowen decreased their target price on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Oppenheimer dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Finally, Mizuho lowered their price objective on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, May 8th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Shoals Technologies Group has an average rating of “Hold” and an average price target of $11.76.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $5.39 on Monday. The stock has a market cap of $918.56 million, a price-to-earnings ratio of 29.94, a PEG ratio of 0.73 and a beta of 1.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. Shoals Technologies Group, Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $22.40. The firm’s 50-day simple moving average is $5.98 and its 200 day simple moving average is $8.51.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. During the same quarter last year, the company earned $0.12 earnings per share. The company’s revenue for the quarter was down 16.7% on a year-over-year basis. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.31 earnings per share for the current fiscal year.

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.