Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 9.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 162,641 shares of the company’s stock after selling 16,867 shares during the period. Van ECK Associates Corp owned about 0.10% of Shoals Technologies Group worth $2,528,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after buying an additional 2,764,566 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Shoals Technologies Group by 2.6% in the 3rd quarter. Clearbridge Investments LLC now owns 8,743,607 shares of the company’s stock valued at $159,571,000 after purchasing an additional 222,249 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. William Blair Investment Management LLC grew its stake in shares of Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after purchasing an additional 1,190,411 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Shoals Technologies Group by 301.5% in the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group decreased their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 price target on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. lowered their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Finally, Truist Financial reiterated a “buy” rating and set a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.61.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $8.80 on Wednesday. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 35.20 and a beta of 1.86. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. Shoals Technologies Group, Inc. has a 1-year low of $8.06 and a 1-year high of $28.34. The firm’s fifty day moving average price is $10.79 and its 200 day moving average price is $13.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. On average, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

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.