Assenagon Asset Management S.A. Trims Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Assenagon Asset Management S.A. decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 5.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 397,767 shares of the company’s stock after selling 25,087 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.24% of Shoals Technologies Group worth $1,321,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. American Trust acquired a new position in Shoals Technologies Group in the fourth quarter valued at approximately $72,000. 49 Wealth Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at $74,000. State of Wyoming lifted its stake in shares of Shoals Technologies Group by 250.7% in the 4th quarter. State of Wyoming now owns 15,117 shares of the company’s stock valued at $84,000 after purchasing an additional 10,806 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after buying an additional 2,652 shares in the last quarter. Finally, Cibc World Markets Corp acquired a new stake in Shoals Technologies Group during the fourth quarter valued at $87,000.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Royal Bank Of Canada decreased their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. BNP Paribas reiterated an “underperform” rating and set a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. The Goldman Sachs Group upped their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Wednesday, May 7th. Mizuho raised their target price on Shoals Technologies Group from $6.00 to $7.00 and gave the stock an “outperform” rating in a research note on Monday, June 2nd. Finally, Roth Mkm reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $8.45.

Shoals Technologies Group Stock Down 1.5%

Shares of NASDAQ:SHLS opened at $5.26 on Wednesday. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $7.08. The firm’s 50 day moving average price is $4.39 and its 200 day moving average price is $4.33. The company has a quick ratio of 1.58, a current ratio of 2.34 and a debt-to-equity ratio of 0.25. The stock has a market cap of $879.37 million, a price-to-earnings ratio of 43.83, a price-to-earnings-growth ratio of 0.73 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. Shoals Technologies Group’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 earnings per share. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

About Shoals Technologies Group

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.