Swedbank AB Cuts Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Swedbank AB cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 49.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 669,430 shares of the company’s stock after selling 663,203 shares during the quarter. Swedbank AB’s holdings in Shoals Technologies Group were worth $3,756,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in Shoals Technologies Group by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after purchasing an additional 130,434 shares during the period. M&G Plc bought a new stake in shares of Shoals Technologies Group during the second quarter valued at approximately $7,021,000. Goldman Sachs Group Inc. lifted its holdings in shares of Shoals Technologies Group by 16.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock worth $34,434,000 after buying an additional 309,261 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its position in shares of Shoals Technologies Group by 104.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after acquiring an additional 69,193 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky grew its stake in Shoals Technologies Group by 9.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 82,671 shares of the company’s stock valued at $1,285,000 after acquiring an additional 6,818 shares in the last quarter.

Shoals Technologies Group Trading Up 2.2 %

Shares of NASDAQ SHLS opened at $5.05 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The business’s 50 day moving average price is $5.57 and its 200-day moving average price is $6.75. Shoals Technologies Group, Inc. has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The company has a market cap of $860.62 million, a price-to-earnings ratio of 28.06, a PEG ratio of 0.75 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business 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 company’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. On average, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on SHLS. Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Jefferies Financial Group started coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price for the company. Finally, UBS Group decreased their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $12.55.

Shoals Technologies Group Company 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.