Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Bought by Dark Forest Capital Management LP

Dark Forest Capital Management LP grew its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 301.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 108,375 shares of the company’s stock after acquiring an additional 81,384 shares during the quarter. Dark Forest Capital Management LP owned about 0.06% of Shoals Technologies Group worth $676,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. ANTIPODES PARTNERS Ltd increased its position in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after purchasing an additional 2,638 shares during the last quarter. Headlands Technologies LLC acquired a new position in Shoals Technologies Group in the first quarter valued at approximately $92,000. 1620 Investment Advisors Inc. acquired a new stake in Shoals Technologies Group during the second quarter worth $54,000. Paloma Partners Management Co purchased a new stake in Shoals Technologies Group in the first quarter valued at $115,000. Finally, Olympiad Research LP acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at $167,000.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SHLS. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Piper Sandler lifted their price objective 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. UBS Group decreased 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Stock Up 0.4 %

Shares of NASDAQ:SHLS opened at $5.70 on Friday. 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 firm has a 50 day simple moving average of $5.87 and a 200-day simple moving average of $7.49. The company has a market capitalization of $949.91 million, a PE ratio of 31.67, a P/E/G ratio of 0.92 and a beta of 1.74. Shoals Technologies Group, Inc. has a twelve month low of $4.88 and a twelve month high of $20.56.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 16.7% on a year-over-year basis. On average, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.