Zurcher Kantonalbank Zurich Cantonalbank Sells 29,304 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Zurcher Kantonalbank Zurich Cantonalbank decreased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 23.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 94,288 shares of the company’s stock after selling 29,304 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Shoals Technologies Group worth $313,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth $43,000. MQS Management LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth $43,000. Pallas Capital Advisors LLC bought a new position in shares of Shoals Technologies Group during the 1st quarter worth $64,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Shoals Technologies Group during the 1st quarter worth about $65,000. Finally, American Trust purchased a new stake in Shoals Technologies Group during the 4th quarter worth about $72,000.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $4.72 on Friday. The company has a current ratio of 2.34, a quick ratio of 1.58 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $789.09 million, a PE ratio of 36.31, a price-to-earnings-growth ratio of 0.65 and a beta of 1.61. The business’s 50-day moving average price is $5.31 and its 200-day moving average price is $4.40. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $7.00.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $110.84 million for the quarter, compared to analyst estimates of $104.87 million. Shoals Technologies Group had a return on equity of 7.57% and a net margin of 5.27%. The company’s revenue was up 11.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.10 EPS. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on SHLS. UBS Group dropped their price objective on Shoals Technologies Group from $7.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday. Mizuho cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a report on Monday, July 14th. BNP Paribas Exane cut Shoals Technologies Group from a “neutral” rating to an “underperform” rating and set a $4.00 price objective on the stock. in a report on Thursday, May 15th. Guggenheim increased their price objective on Shoals Technologies Group from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Wall Street Zen raised Shoals Technologies Group from a “hold” rating to a “strong-buy” rating in a report on Saturday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.15.

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.