Janney Montgomery Scott LLC Acquires New Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Janney Montgomery Scott LLC bought a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 148,464 shares of the company's stock, valued at approximately $833,000. Janney Montgomery Scott LLC owned 0.09% of Shoals Technologies Group as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. ProShare Advisors LLC boosted its holdings in Shoals Technologies Group by 6.3% in the first quarter. ProShare Advisors LLC now owns 41,051 shares of the company's stock valued at $459,000 after purchasing an additional 2,427 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Shoals Technologies Group by 81.9% in the first quarter. Blair William & Co. IL now owns 37,909 shares of the company's stock worth $424,000 after buying an additional 17,064 shares during the last quarter. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company's stock worth $184,825,000 after acquiring an additional 171,273 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its position in Shoals Technologies Group by 15.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 436,340 shares of the company's stock valued at $4,878,000 after acquiring an additional 59,967 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Shoals Technologies Group by 8.4% in the first quarter. Lazard Asset Management LLC now owns 150,026 shares of the company's stock valued at $1,676,000 after acquiring an additional 11,671 shares during the period.

Shoals Technologies Group Trading Down 6.6 %

Shoals Technologies Group stock traded down $0.30 during mid-day trading on Monday, hitting $4.26. The company's stock had a trading volume of 6,380,866 shares, compared to its average volume of 4,994,257. The stock's fifty day moving average is $5.54 and its two-hundred day moving average is $6.18. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $709.93 million, a PE ratio of 22.80, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73. Shoals Technologies Group, Inc. has a 1 year low of $4.22 and a 1 year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue for the quarter was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 earnings per share. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SHLS. Oppenheimer cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating for the company in a report on Wednesday, August 7th. UBS Group dropped their target price on Shoals Technologies Group from $12.00 to $9.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Truist Financial reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Friday, September 6th. Citigroup raised Shoals Technologies Group from a "sell" rating to a "neutral" rating and raised their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Finally, JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $14.00 to $12.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $11.92.

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.