Shoals Technologies Group, Inc. $SHLS Shares Purchased by Citigroup Inc.

Citigroup Inc. raised its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 116.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 366,044 shares of the company’s stock after acquiring an additional 196,695 shares during the quarter. Citigroup Inc. owned approximately 0.22% of Shoals Technologies Group worth $2,712,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in Shoals Technologies Group by 449.1% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock worth $31,000 after buying an additional 5,910 shares during the period. Savant Capital LLC purchased a new position in Shoals Technologies Group in the 2nd quarter valued at approximately $50,000. State of Alaska Department of Revenue acquired a new position in shares of Shoals Technologies Group in the third quarter worth $54,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of Shoals Technologies Group in the first quarter worth $57,000. Finally, Tower Research Capital LLC TRC increased its position in shares of Shoals Technologies Group by 468.3% during the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock worth $66,000 after acquiring an additional 12,788 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SHLS shares. UBS Group decreased their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Morgan Stanley cut their price target on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a report on Wednesday, February 25th. Zacks Research cut Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. BNP Paribas Exane raised Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price objective for the company in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company cut their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.71.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $5.71 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $11.36. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.03 and a quick ratio of 1.32. The firm has a market capitalization of $955.80 million, a PE ratio of 28.55, a price-to-earnings-growth ratio of 0.71 and a beta of 1.77. The business’s fifty day moving average price is $8.95 and its 200 day moving average price is $8.53.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a return on equity of 9.10% and a net margin of 7.06%.The business had revenue of $148.33 million for the quarter, compared to analysts’ expectations of $144.52 million. During the same period last year, the firm earned $0.08 earnings per share. The firm’s quarterly revenue was up 38.6% on a year-over-year basis. On average, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.