Zurcher Kantonalbank Zurich Cantonalbank Buys 51,058 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 48.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 155,469 shares of the company’s stock after buying an additional 51,058 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.09% of Shoals Technologies Group worth $970,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in shares of Shoals Technologies Group by 57,193.0% in the fourth quarter. Russell Investments Group Ltd. now owns 89,950 shares of the company’s stock worth $1,398,000 after acquiring an additional 89,793 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Shoals Technologies Group by 1.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,365,057 shares of the company’s stock worth $21,213,000 after buying an additional 20,727 shares during the period. Picton Mahoney Asset Management bought a new position in Shoals Technologies Group in the fourth quarter valued at approximately $403,000. SCP Investment LP acquired a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $763,000. Finally, Qsemble Capital Management LP bought a new stake in shares of Shoals Technologies Group during the fourth quarter worth $565,000.

Analyst Upgrades and Downgrades

SHLS has been the topic of several research reports. Northland Capmk cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 8th. Truist Financial reiterated a “buy” rating and set a $10.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, August 7th. Oppenheimer cut their price objective 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. Northland Securities decreased their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Finally, Cantor Fitzgerald lowered their price target on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $11.76.

Shoals Technologies Group Stock Up 15.6 %

SHLS stock opened at $6.23 on Wednesday. The business’s 50 day simple moving average is $5.96 and its 200 day simple moving average is $8.37. Shoals Technologies Group, Inc. has a 1-year low of $4.88 and a 1-year high of $22.40. The firm has a market capitalization of $1.04 billion, a PE ratio of 34.61, a PEG ratio of 0.73 and a beta of 1.74. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company’s quarterly revenue was down 16.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.31 EPS for the current 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.