25,910 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Purchased by Picton Mahoney Asset Management

Picton Mahoney Asset Management bought a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,910 shares of the company’s stock, valued at approximately $403,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Arizona State Retirement System grew its stake in Shoals Technologies Group by 1.4% during the 3rd quarter. Arizona State Retirement System now owns 48,353 shares of the company’s stock valued at $882,000 after acquiring an additional 689 shares in the last quarter. Assetmark Inc. grew its position in shares of Shoals Technologies Group by 92.7% in the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares in the last quarter. Values First Advisors Inc. increased its holdings in shares of Shoals Technologies Group by 2.6% in the third quarter. Values First Advisors Inc. now owns 30,977 shares of the company’s stock valued at $565,000 after purchasing an additional 771 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Shoals Technologies Group by 5.3% during the third quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock worth $337,000 after buying an additional 929 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Shoals Technologies Group by 4.3% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 27,158 shares of the company’s stock worth $496,000 after buying an additional 1,121 shares during the last quarter.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $7.51 on Thursday. The company has a market cap of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86. Shoals Technologies Group, Inc. has a fifty-two week low of $7.27 and a fifty-two week high of $28.34. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. The firm’s 50 day moving average price is $10.50 and its 200 day moving average price is $13.25.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on SHLS. Piper Sandler reduced their price target on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a report on Wednesday. Oppenheimer reduced their target price on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Royal Bank of Canada dropped their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Janney Montgomery Scott started coverage on shares of Shoals Technologies Group in a research report on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Truist Financial reiterated a “buy” rating and issued a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group presently has an average rating of “Moderate Buy” and a consensus target price of $18.06.

About Shoals Technologies Group

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.