Shoals Technologies Group, Inc. $SHLS Shares Bought by Tidal Investments LLC

Tidal Investments LLC increased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 91.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 371,409 shares of the company’s stock after purchasing an additional 177,223 shares during the quarter. Tidal Investments LLC’s holdings in Shoals Technologies Group were worth $3,677,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. KBC Group NV bought a new stake in shares of Shoals Technologies Group in the 1st quarter worth approximately $30,000. PNC Financial Services Group Inc. grew its position in Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after purchasing an additional 5,983 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Shoals Technologies Group in the 2nd quarter worth about $53,000. Miller Howard Investments Inc. NY acquired a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $70,000. Finally, Abel Hall LLC acquired a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $71,000.

Shoals Technologies Group Stock Down 3.4%

SHLS stock opened at $7.05 on Tuesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12. The firm has a market cap of $1.19 billion, a PE ratio of 37.11, a P/E/G ratio of 0.90 and a beta of 1.89. The firm has a 50 day simple moving average of $8.48 and a 200 day simple moving average of $8.41. Shoals Technologies Group, Inc. has a 12 month low of $5.43 and a 12 month high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The company had revenue of $163.37 million for the quarter, compared to analyst estimates of $160.03 million. During the same period in the previous year, the firm earned $0.10 earnings per share. Shoals Technologies Group’s revenue for the quarter was up 47.4% compared to the same quarter last year. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SHLS. Wells Fargo & Company increased their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 11th. Oppenheimer reiterated an “outperform” rating and issued a $13.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, August 4th. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Jefferies Financial Group raised their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Finally, The Goldman Sachs Group boosted their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $10.71.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc (NASDAQ: SHLS) develops and supplies electrical balance-of-system (EBOS) products for solar energy installations. Its solutions connect, protect, combine and monitor the electrical output of photovoltaic panels, helping solar developers and installers improve system reliability and simplify project construction.

The company’s product portfolio includes wire harnesses, junction boxes, inline fuses, disconnects, recombiners, cable-management systems and other wiring and connectivity solutions.