Shoals Technologies Group, Inc. $SHLS Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. boosted its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 3.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 13,594,139 shares of the company’s stock after purchasing an additional 404,133 shares during the quarter. Vanguard Group Inc. owned about 0.08% of Shoals Technologies Group worth $115,550,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in SHLS. Royal Bank of Canada grew its stake in Shoals Technologies Group by 292.5% in the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock valued at $353,000 after acquiring an additional 79,392 shares during the period. AQR Capital Management LLC raised its holdings in shares of Shoals Technologies Group by 184.7% during the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock valued at $2,975,000 after acquiring an additional 598,407 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Shoals Technologies Group during the first quarter valued at approximately $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Shoals Technologies Group by 8.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock worth $1,718,000 after acquiring an additional 38,983 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Shoals Technologies Group by 1.9% in the second quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock valued at $832,000 after purchasing an additional 3,601 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SHLS. Morgan Stanley dropped their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Citigroup lifted their target price on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Wall Street Zen cut Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings downgraded Shoals Technologies Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada decreased their price target on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.64.

Insider Transactions at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.81% of the company’s stock.

Shoals Technologies Group Stock Down 7.4%

Shoals Technologies Group stock opened at $8.63 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07. Shoals Technologies Group, Inc. has a 1-year low of $3.81 and a 1-year high of $11.36. The company has a market cap of $1.45 billion, a PE ratio of 43.15, a price-to-earnings-growth ratio of 1.11 and a beta of 1.74. The stock’s 50 day moving average price is $6.90 and its 200 day moving average price is $8.30.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million for the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group’s revenue for the quarter was up 74.4% on a year-over-year basis. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.35 EPS for the current fiscal year.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.