Federated Hermes Inc. Boosts Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Federated Hermes Inc. grew its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 8,389.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,222,482 shares of the company’s stock after buying an additional 1,208,082 shares during the quarter. Federated Hermes Inc. owned 0.72% of Shoals Technologies Group worth $7,628,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SHLS. Charles Schwab Investment Management Inc. raised its position in shares of 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 valued at $21,213,000 after buying an additional 20,727 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Shoals Technologies Group by 10.6% during the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock valued at $308,000 after buying an additional 1,898 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Shoals Technologies Group by 23.9% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 33,654 shares of the company’s stock valued at $494,000 after buying an additional 6,496 shares in the last quarter. Norges Bank purchased a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $31,416,000. Finally, UBS Group AG grew its holdings in shares of Shoals Technologies Group by 65.6% during the 4th quarter. UBS Group AG now owns 409,055 shares of the company’s stock valued at $6,357,000 after purchasing an additional 161,983 shares during the last quarter.

Analyst Ratings Changes

Several research firms recently commented on SHLS. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday. Oppenheimer reduced their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Citigroup lowered shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their target price for the company from $15.00 to $5.00 in a report on Tuesday, July 2nd. Finally, Roth Mkm cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.06.

Shoals Technologies Group Trading Up 2.5 %

NASDAQ:SHLS opened at $6.46 on Wednesday. The company has a 50-day moving average price of $5.95 and a 200-day moving average price of $7.75. Shoals Technologies Group, Inc. has a 12 month low of $4.88 and a 12 month high of $21.22. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 35.89, a P/E/G ratio of 0.93 and a beta of 1.74.

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

Shoals Technologies Group Company 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.