Vanguard Group Inc. Acquires 295,377 Shares of Shoals Technologies Group, Inc. $SHLS

Vanguard Group Inc. grew its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 13,190,006 shares of the company’s stock after acquiring an additional 295,377 shares during the quarter. Vanguard Group Inc. owned 7.88% of Shoals Technologies Group worth $97,738,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in SHLS. Cidel Asset Management Inc. raised its position in Shoals Technologies Group by 9.2% in the 3rd quarter. Cidel Asset Management Inc. now owns 101,397 shares of the company’s stock worth $751,000 after purchasing an additional 8,522 shares during the period. Cookson Peirce & Co. Inc. purchased a new position in shares of Shoals Technologies Group in the third quarter worth about $1,153,000. LSV Asset Management bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at about $423,000. Stratos Wealth Partners LTD. boosted its holdings in Shoals Technologies Group by 41.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 33,252 shares of the company’s stock valued at $246,000 after acquiring an additional 9,684 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Shoals Technologies Group by 245.8% during the 3rd quarter. Allianz Asset Management GmbH now owns 37,000 shares of the company’s stock worth $274,000 after acquiring an additional 26,300 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages have weighed in on SHLS. Weiss Ratings reiterated a “hold (c)” rating on shares of Shoals Technologies Group in a research report on Friday, January 9th. Royal Bank Of Canada lowered their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Wednesday, February 25th. Citigroup cut their price target on shares of Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating on the stock in a report on Thursday, February 26th. UBS Group decreased their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, February 25th. Finally, Wells Fargo & Company dropped their target price on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Ten investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.71.

Shoals Technologies Group Stock Down 4.7%

Shares of Shoals Technologies Group stock opened at $5.85 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $11.36. The company has a market cap of $979.22 million, a P/E ratio of 29.25, a PEG ratio of 0.75 and a beta of 1.77. The company’s fifty day simple moving average is $9.02 and its two-hundred day simple moving average is $8.54.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, February 24th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The company had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. During the same period in the previous year, the firm posted $0.08 EPS. The company’s revenue for the quarter was up 38.6% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current 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.