Creative Planning Acquires 17,844 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Creative Planning raised its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 115.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,288 shares of the company’s stock after acquiring an additional 17,844 shares during the period. Creative Planning’s holdings in Shoals Technologies Group were worth $187,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $64,000. American Trust acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $68,000. Versor Investments LP acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $80,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $90,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $5.77 on Tuesday. 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’s 50-day moving average is $5.62 and its 200 day moving average is $6.28. The stock has a market cap of $961.55 million, a price-to-earnings ratio of 41.21, a P/E/G ratio of 0.84 and a beta of 1.73. Shoals Technologies Group, Inc. has a 1-year low of $4.85 and a 1-year high of $17.50.

Wall Street Analyst Weigh In

SHLS has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Wells Fargo & Company started coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Jefferies Financial Group started coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective for the company. Truist Financial decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average target price of $12.55.

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.