The Manufacturers Life Insurance Company Grows Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

The Manufacturers Life Insurance Company grew its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 101,623 shares of the company’s stock after buying an additional 3,699 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Shoals Technologies Group worth $637,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky lifted its stake in Shoals Technologies Group by 9.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 82,671 shares of the company’s stock worth $1,285,000 after purchasing an additional 6,818 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Shoals Technologies Group by 16.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock worth $34,434,000 after buying an additional 309,261 shares in the last quarter. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 28.5% in the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after buying an additional 2,864,879 shares in the last quarter. Vanguard Group Inc. grew its position in Shoals Technologies Group by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after acquiring an additional 225,464 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Shoals Technologies Group by 14.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after acquiring an additional 1,429 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHLS. JPMorgan Chase & Co. cut 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. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. UBS Group dropped their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Piper Sandler lifted their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. 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 stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $12.92.

Shoals Technologies Group Stock Down 2.1 %

SHLS stock opened at $5.12 on Wednesday. Shoals Technologies Group, Inc. has a fifty-two week low of $4.85 and a fifty-two week high of $17.50. The company has a market capitalization of $872.55 million, a price-to-earnings ratio of 28.44, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The business’s 50 day moving average price is $5.58 and its two-hundred day moving average price is $6.82. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The company had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The firm’s revenue for the quarter was down 16.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 earnings per share. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share 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.