Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky lifted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 9.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,671 shares of the company’s stock after purchasing an additional 6,818 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Shoals Technologies Group were worth $1,285,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHLS. ANTIPODES PARTNERS Ltd acquired a new stake in Shoals Technologies Group in the fourth quarter worth about $33,000. iA Global Asset Management Inc. acquired a new stake in Shoals Technologies Group in the 3rd quarter worth approximately $102,000. PNC Financial Services Group Inc. grew its position in Shoals Technologies Group by 49.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after purchasing an additional 3,394 shares during the last quarter. Olympiad Research LP acquired a new position in Shoals Technologies Group during the 4th quarter valued at approximately $167,000. Finally, Glenmede Trust Co. NA purchased a new position in shares of Shoals Technologies Group in the third quarter worth $206,000.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $6.51 on Monday. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $1.11 billion, a P/E ratio of 36.17 and a beta of 1.81. The business’s 50 day moving average is $7.64 and its two-hundred day moving average is $11.56. Shoals Technologies Group, Inc. has a 12-month low of $6.28 and a 12-month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $90.81 million during the quarter, compared to analyst estimates of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. Analysts expect that Shoals Technologies Group, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SHLS shares. Northland Securities reissued an “underperform” rating and set a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Royal Bank of Canada reduced their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Roth Capital lowered Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Finally, The Goldman Sachs Group decreased their price objective on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of “Moderate Buy” and an average target price of $17.29.

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.