TrinityPoint Wealth LLC Purchases New Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

TrinityPoint Wealth LLC acquired a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,781 shares of the company’s stock, valued at approximately $60,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Joho Capital LLC raised its position in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares during the last quarter. Millennium Management LLC increased its stake in Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after buying an additional 2,442,227 shares in the last quarter. Swedbank AB acquired a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $25,268,000. Federated Hermes Inc. lifted its position in shares of Shoals Technologies Group by 8,389.5% in the second quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after acquiring an additional 1,208,082 shares in the last quarter. Finally, M&G Plc acquired a new stake in shares of Shoals Technologies Group in the second quarter worth approximately $7,021,000.

Shoals Technologies Group Stock Down 6.6 %

Shoals Technologies Group stock opened at $4.26 on Tuesday. The company has a market capitalization of $709.93 million, a PE ratio of 21.30, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group, Inc. has a fifty-two week low of $4.22 and a fifty-two week high of $17.50. The firm has a 50 day moving average price of $5.51 and a 200 day moving average price of $6.14.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The company’s quarterly revenue was down 23.8% compared to the same quarter last year. Research analysts expect that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on SHLS. Jefferies Financial Group started coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. Oppenheimer lowered their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler increased their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.92.

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.