Rhumbline Advisers Buys 6,112 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Rhumbline Advisers increased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 248,924 shares of the company’s stock after purchasing an additional 6,112 shares during the quarter. Rhumbline Advisers owned approximately 0.15% of Shoals Technologies Group worth $826,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of SHLS. American Trust bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $72,000. 49 Wealth Management LLC bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $74,000. State of Wyoming boosted its stake in shares of Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock worth $84,000 after acquiring an additional 10,806 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after acquiring an additional 2,652 shares during the period. Finally, Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $87,000.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SHLS. Mizuho upped their price objective 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. BNP Paribas reaffirmed an “underperform” rating and issued a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Citigroup lifted their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. UBS Group reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, The Goldman Sachs Group lifted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Wednesday, May 7th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.45.

Shoals Technologies Group Stock Down 4.6%

Shares of NASDAQ SHLS opened at $4.98 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.58 and a current ratio of 2.34. The firm has a market capitalization of $832.56 million, a price-to-earnings ratio of 41.50, a PEG ratio of 0.71 and a beta of 1.64. The stock has a 50 day moving average price of $4.48 and a 200 day moving average price of $4.34. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $7.08.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) 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 analysts’ expectations of $74.66 million. Shoals Technologies Group had a net margin of 4.90% and a return on equity of 7.63%. The firm’s revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

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.