Decade Renewable Partners LP Has $4.04 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Decade Renewable Partners LP raised its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 7.8% during the 2nd quarter, Holdings Channel.com reports. The firm owned 646,997 shares of the company’s stock after buying an additional 46,990 shares during the period. Shoals Technologies Group accounts for 2.0% of Decade Renewable Partners LP’s holdings, making the stock its 22nd largest holding. Decade Renewable Partners LP’s holdings in Shoals Technologies Group were worth $4,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its stake in shares of Shoals Technologies Group by 10.6% during the fourth quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after purchasing an additional 1,898 shares during the period. Norges Bank acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth $31,416,000. UBS Group AG lifted its holdings in shares of Shoals Technologies Group by 65.6% during the fourth quarter. UBS Group AG now owns 409,055 shares of the company’s stock worth $6,357,000 after buying an additional 161,983 shares in the last quarter. Commerce Bank grew its stake in shares of Shoals Technologies Group by 12.8% in the fourth quarter. Commerce Bank now owns 18,038 shares of the company’s stock valued at $280,000 after acquiring an additional 2,045 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its position in Shoals Technologies Group by 50.5% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 200,302 shares of the company’s stock worth $3,113,000 after acquiring an additional 67,229 shares during the period.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $5.68 on Thursday. The stock has a 50-day moving average price of $5.88 and a two-hundred day moving average price of $7.50. Shoals Technologies Group, Inc. has a 12 month low of $4.88 and a 12 month high of $20.63. The company has a market capitalization of $946.57 million, a PE ratio of 31.56, a P/E/G ratio of 0.92 and a beta of 1.74. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. During the same quarter last year, the business earned $0.12 EPS. The firm’s quarterly revenue was down 16.7% on a year-over-year basis. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on SHLS shares. Citigroup downgraded shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and cut their price objective for the company from $15.00 to $5.00 in a report on Tuesday, July 2nd. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Four 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. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $11.06.

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.