Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 8.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,980 shares of the company’s stock after selling 6,102 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shoals Technologies Group were worth $376,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SHLS. M&G Plc purchased a new position in Shoals Technologies Group in the 2nd quarter worth about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after purchasing an additional 69,193 shares in the last quarter. Swedbank AB purchased a new position in Shoals Technologies Group in the 1st quarter worth about $25,268,000. Skandinaviska Enskilda Banken AB publ increased its stake in Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after purchasing an additional 93,400 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 shares in the last quarter.

Shoals Technologies Group Stock Up 6.3 %

SHLS opened at $4.41 on Thursday. The business has a 50 day moving average price of $5.43 and a 200 day moving average price of $6.10. Shoals Technologies Group, Inc. has a twelve month low of $4.07 and a twelve month high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market cap of $734.91 million, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.16 earnings per share. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.28 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective for the company. Oppenheimer decreased their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Northland Securities decreased their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $11.92.

Shoals Technologies Group Company 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.