Victory Capital Management Inc. Purchases 33,807 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Victory Capital Management Inc. raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 93.6% during the second quarter, HoldingsChannel.com reports. The fund owned 69,941 shares of the company’s stock after buying an additional 33,807 shares during the quarter. Victory Capital Management Inc.’s holdings in Shoals Technologies Group were worth $436,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. ANTIPODES PARTNERS Ltd boosted its position in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the last quarter. Headlands Technologies LLC bought a new stake in Shoals Technologies Group during the first quarter valued at $92,000. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group during the second quarter valued at $54,000. Paloma Partners Management Co bought a new stake in Shoals Technologies Group during the first quarter valued at $115,000. Finally, Olympiad Research LP bought a new stake in Shoals Technologies Group during the fourth quarter valued at $167,000.

Shoals Technologies Group Trading Down 2.2 %

SHLS opened at $6.13 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. Shoals Technologies Group, Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $20.63. The firm has a market capitalization of $1.04 billion, a PE ratio of 34.06, a P/E/G ratio of 0.91 and a beta of 1.74. The company’s 50-day moving average is $5.93 and its 200 day moving average is $7.65.

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, topping analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The firm’s revenue was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 EPS. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHLS has been the topic of a number of research analyst reports. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price objective on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reissued an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. BNP Paribas cut shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Finally, Piper Sandler increased their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Four research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.06.

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.