Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 28.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,910,322 shares of the company’s stock after purchasing an additional 2,864,879 shares during the period. Wellington Management Group LLP owned about 7.59% of Shoals Technologies Group worth $200,626,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. ANTIPODES PARTNERS Ltd purchased a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $33,000. iA Global Asset Management Inc. purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $102,000. PNC Financial Services Group Inc. increased its stake in shares of Shoals Technologies Group by 49.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after purchasing an additional 3,394 shares in the last quarter. Olympiad Research LP purchased a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $167,000. Finally, Glenmede Trust Co. NA purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $206,000.
Shoals Technologies Group Stock Performance
NASDAQ:SHLS opened at $6.88 on Wednesday. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 38.22 and a beta of 1.82. The firm’s fifty day simple moving average is $7.82 and its 200 day simple moving average is $11.70. Shoals Technologies Group, Inc. has a twelve month low of $6.28 and a twelve month high of $28.34.
Wall Street Analyst Weigh In
SHLS has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Roth Mkm cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Cantor Fitzgerald lowered their target price on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Finally, Oppenheimer lowered their target price on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.29.
Check Out Our Latest Research Report on SHLS
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.
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