Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Goldman Sachs Group Inc.

Goldman Sachs Group Inc. increased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 16.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,215,815 shares of the company’s stock after acquiring an additional 309,261 shares during the period. Goldman Sachs Group Inc. owned approximately 1.30% of Shoals Technologies Group worth $34,434,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SHLS. Janney Montgomery Scott LLC raised its stake in shares of Shoals Technologies Group by 205.0% in the third quarter. Janney Montgomery Scott LLC now owns 41,907 shares of the company’s stock valued at $765,000 after acquiring an additional 28,166 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Shoals Technologies Group by 3.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,344,330 shares of the company’s stock valued at $24,534,000 after buying an additional 42,706 shares in the last quarter. Deutsche Bank AG raised its stake in Shoals Technologies Group by 24.6% in the third quarter. Deutsche Bank AG now owns 121,353 shares of the company’s stock valued at $2,215,000 after buying an additional 23,969 shares in the last quarter. Rhumbline Advisers raised its stake in Shoals Technologies Group by 2.7% in the third quarter. Rhumbline Advisers now owns 289,354 shares of the company’s stock valued at $5,281,000 after buying an additional 7,595 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Shoals Technologies Group by 49.8% in the third quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after buying an additional 3,394 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Northland Capmk cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 8th. Truist Financial restated a “buy” rating and issued a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Royal Bank of Canada cut their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Barclays dropped their price objective on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Thursday, May 9th. Finally, Mizuho dropped their price objective on Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average target price of $17.29.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $6.51 on Friday. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. Shoals Technologies Group, Inc. has a 52-week low of $6.28 and a 52-week high of $28.34. The business’s 50-day moving average price is $7.64 and its 200 day moving average price is $11.58. The firm has a market cap of $1.11 billion, a P/E ratio of 36.17 and a beta of 1.81.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. The company had revenue of $90.81 million for the quarter, compared to analyst estimates of $94.44 million. On average, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current year.

About Shoals Technologies Group

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.