Y Intercept Hong Kong Ltd Decreases Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Y Intercept Hong Kong Ltd cut its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 89.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 16,129 shares of the company’s stock after selling 131,058 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Shoals Technologies Group were worth $89,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of SHLS. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP purchased a new stake in Shoals Technologies Group in the 3rd quarter worth about $1,461,000. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group in the third quarter worth about $20,191,000. Verition Fund Management LLC lifted its stake in Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after buying an additional 658,617 shares during the period.

Shoals Technologies Group Stock Up 4.0 %

Shares of NASDAQ SHLS opened at $3.12 on Thursday. Shoals Technologies Group, Inc. has a 12-month low of $2.77 and a 12-month high of $13.44. The stock’s fifty day simple moving average is $4.68 and its two-hundred day simple moving average is $5.09. The stock has a market capitalization of $520.10 million, a PE ratio of 15.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.62. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period in the previous year, the business earned $0.12 EPS. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SHLS shares. Piper Sandler reduced their price target on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research note on Tuesday, December 17th. Truist Financial lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Mizuho reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, TD Cowen lifted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $8.95.

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.