William Blair Investment Management LLC Has $11.85 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

William Blair Investment Management LLC lowered its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 81.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,898,252 shares of the company’s stock after selling 8,323,392 shares during the quarter. William Blair Investment Management LLC owned about 1.11% of Shoals Technologies Group worth $11,845,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. ANTIPODES PARTNERS Ltd raised its holdings in Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at $54,000. Versor Investments LP acquired a new stake in Shoals Technologies Group during the 2nd quarter worth $80,000. Pallas Capital Advisors LLC bought a new position in Shoals Technologies Group during the second quarter worth about $90,000. Finally, Headlands Technologies LLC acquired a new position in Shoals Technologies Group in the first quarter valued at about $92,000.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Roth Mkm cut their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a research note on Friday, September 6th. BNP Paribas cut shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Finally, Northland Securities reduced 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 note on Thursday, August 8th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.17.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $6.30 on Tuesday. The company has a fifty day moving average price of $5.94 and a two-hundred day moving average price of $7.80. Shoals Technologies Group, Inc. has a one year low of $4.88 and a one year high of $21.22. The stock has a market cap of $1.05 billion, a P/E ratio of 35.00, a P/E/G ratio of 0.93 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. Shoals Technologies Group’s quarterly revenue was down 16.7% on a year-over-year basis. During the same quarter last year, the company posted $0.12 earnings per share. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS 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.