Edgestream Partners L.P. Has $74,000 Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Edgestream Partners L.P. reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 72.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,919 shares of the company’s stock after selling 30,972 shares during the quarter. Edgestream Partners L.P.’s holdings in Shoals Technologies Group were worth $74,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Federated Hermes Inc. boosted its holdings in shares of Shoals Technologies Group by 8,389.5% in the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock worth $7,628,000 after acquiring an additional 1,208,082 shares in the last quarter. Headlands Technologies LLC raised its position in shares of Shoals Technologies Group by 440.6% during the second quarter. Headlands Technologies LLC now owns 44,431 shares of the company’s stock worth $277,000 after acquiring an additional 36,212 shares during the last quarter. Quest Partners LLC lifted its stake in shares of Shoals Technologies Group by 160.1% during the second quarter. Quest Partners LLC now owns 37,026 shares of the company’s stock valued at $231,000 after acquiring an additional 22,789 shares during the period. Corbyn Investment Management Inc. MD lifted its stake in shares of Shoals Technologies Group by 178.4% during the second quarter. Corbyn Investment Management Inc. MD now owns 144,803 shares of the company’s stock valued at $904,000 after acquiring an additional 92,796 shares during the period. Finally, Savant Capital LLC acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $528,000.

Shoals Technologies Group Stock Up 4.4 %

NASDAQ:SHLS opened at $6.40 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The company has a market cap of $1.09 billion, a PE ratio of 35.83, a PEG ratio of 0.91 and a beta of 1.74. Shoals Technologies Group, Inc. has a 52-week low of $4.88 and a 52-week high of $20.63. The stock has a 50-day simple moving average of $5.93 and a 200 day simple moving average of $7.61.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (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 the consensus estimate 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 period last year, the company earned $0.12 earnings per share. On average, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SHLS shares. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Piper Sandler upped their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Truist Financial cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Finally, UBS Group cut their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. 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 stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and an average target price of $11.06.

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.