Millennium Management LLC Has $21.04 Million Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Millennium Management LLC boosted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 262.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,371,593 shares of the company’s stock after purchasing an additional 2,442,227 shares during the quarter. Millennium Management LLC’s holdings in Shoals Technologies Group were worth $21,039,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SHLS. ANTIPODES PARTNERS Ltd boosted its position in shares of Shoals Technologies Group by 122.4% in 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 period. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the 2nd quarter valued at $54,000. Versor Investments LP acquired a new stake in Shoals Technologies Group in the 2nd quarter worth $80,000. Pallas Capital Advisors LLC bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $90,000. Finally, Headlands Technologies LLC acquired a new position in shares of Shoals Technologies Group during the first quarter valued at about $92,000.

Shoals Technologies Group Trading Up 0.8 %

SHLS stock opened at $5.13 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The stock has a market capitalization of $874.25 million, a price-to-earnings ratio of 28.50, a P/E/G ratio of 0.84 and a beta of 1.74. The business has a fifty day moving average price of $5.74 and a 200 day moving average price of $7.26. Shoals Technologies Group, Inc. has a fifty-two week low of $4.88 and a fifty-two week high of $18.46.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results 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 return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. During the same period in the previous year, the business posted $0.12 earnings per share. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHLS. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Barclays lowered their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. BNP Paribas cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. UBS Group dropped their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Finally, Northland Securities reduced their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven 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 $11.08.

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.