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

Swedbank AB trimmed its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 49.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 669,430 shares of the company's stock after selling 663,203 shares during the period. Swedbank AB owned about 0.39% of Shoals Technologies Group worth $3,756,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company's stock valued at $184,825,000 after purchasing an additional 171,273 shares during the period. William Blair Investment Management LLC boosted its stake in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company's stock worth $114,278,000 after acquiring an additional 4,263,964 shares in the last quarter. Joho Capital LLC grew its holdings in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company's stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Shoals Technologies Group by 30.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company's stock valued at $57,050,000 after purchasing an additional 1,179,834 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Shoals Technologies Group by 262.8% during the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock worth $21,039,000 after purchasing an additional 2,442,227 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Roth Capital downgraded Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a research note on Wednesday, August 7th. Barclays restated an "equal weight" rating and set a $7.00 target price on shares of Shoals Technologies Group in a research report on Thursday, October 10th. UBS Group lowered 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 report on Wednesday, August 7th. Oppenheimer cut their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Finally, BNP Paribas cut Shoals Technologies Group from an "outperform" rating to a "neutral" rating and lowered their target price for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $12.55.

Shoals Technologies Group Trading Up 2.2 %

Shares of SHLS traded up $0.11 during trading hours on Friday, hitting $5.05. The stock had a trading volume of 3,506,704 shares, compared to its average volume of 4,956,456. The company's fifty day simple moving average is $5.57 and its 200 day simple moving average is $6.72. Shoals Technologies Group, Inc. has a 12-month low of $4.85 and a 12-month high of $17.50. 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 firm has a market cap of $860.62 million, a P/E ratio of 28.06, a P/E/G ratio of 0.75 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 12.75% and a net margin of 5.13%. The company's revenue was down 16.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.12 EPS. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.