10,319 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,319 shares of the company’s stock, valued at approximately $64,000.

A number of other hedge funds also recently modified their holdings of SHLS. Mirae Asset Global Investments Co. Ltd. grew its stake in Shoals Technologies Group by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after buying an additional 130,434 shares in the last quarter. M&G Plc purchased a new position in Shoals Technologies Group in the 2nd quarter valued at approximately $7,021,000. Goldman Sachs Group Inc. grew its stake in Shoals Technologies Group by 16.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock valued at $34,434,000 after buying an additional 309,261 shares in the last quarter. Electron Capital Partners LLC grew its stake in Shoals Technologies Group by 102.9% in the 4th quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company’s stock valued at $33,390,000 after buying an additional 1,089,848 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after buying an additional 69,193 shares in the last quarter.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. UBS Group reduced their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Barclays reduced their price target on shares of Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $11.08.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $4.92 on Wednesday. Shoals Technologies Group, Inc. has a 1 year low of $4.85 and a 1 year high of $18.46. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The company’s 50-day moving average is $5.68 and its 200 day moving average is $7.09. The stock has a market capitalization of $838.47 million, a P/E ratio of 27.33, a P/E/G ratio of 0.74 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business’s revenue was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 earnings per share. On average, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share 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.