Corbyn Investment Management Inc. MD Decreases Stock Position in Shoals Technologies Group, Inc. $SHLS

Corbyn Investment Management Inc. MD reduced its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 64.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 50,737 shares of the company’s stock after selling 90,951 shares during the period. Corbyn Investment Management Inc. MD’s holdings in Shoals Technologies Group were worth $216,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP increased its position in Shoals Technologies Group by 51.9% during the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company’s stock worth $71,765,000 after buying an additional 7,382,548 shares in the last quarter. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Shoals Technologies Group during the 1st quarter worth about $7,712,000. Pacer Advisors Inc. purchased a new stake in Shoals Technologies Group during the first quarter worth approximately $5,350,000. Nuveen LLC acquired a new stake in shares of Shoals Technologies Group in the first quarter worth $3,589,000. Finally, American Century Companies Inc. raised its stake in shares of Shoals Technologies Group by 617.2% in the 1st quarter. American Century Companies Inc. now owns 1,206,172 shares of the company’s stock valued at $4,004,000 after acquiring an additional 1,037,997 shares during the period.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $8.93 on Wednesday. The firm has a 50-day moving average price of $8.67 and a 200 day moving average price of $6.44. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $11.36. The firm has a market capitalization of $1.49 billion, a PE ratio of 44.65, a P/E/G ratio of 1.17 and a beta of 1.69. The company has a quick ratio of 1.53, a current ratio of 2.19 and a debt-to-equity ratio of 0.21.

Analyst Ratings Changes

Several research analysts have commented on SHLS shares. UBS Group raised their price objective on Shoals Technologies Group from $9.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Guggenheim upped their price target on shares of Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday. Wells Fargo & Company lifted their price target on Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 6th. Zacks Research raised Shoals Technologies Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 21st. Finally, Needham & Company LLC assumed coverage on shares of Shoals Technologies Group in a report on Wednesday, October 22nd. They issued a “buy” rating and a $12.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.81.

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.