Formula Growth Ltd. Increases Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Formula Growth Ltd. lifted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 0.9% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 139,200 shares of the company’s stock after buying an additional 1,200 shares during the period. Formula Growth Ltd. owned 0.08% of Shoals Technologies Group worth $3,172,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Shoals Technologies Group by 25.0% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 414,282 shares of the company’s stock valued at $9,441,000 after purchasing an additional 82,776 shares during the last quarter. XTX Topco Ltd acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at $235,000. Prospera Financial Services Inc boosted its holdings in shares of Shoals Technologies Group by 23.8% in the 1st quarter. Prospera Financial Services Inc now owns 17,280 shares of the company’s stock valued at $394,000 after purchasing an additional 3,317 shares during the last quarter. Grandeur Peak Global Advisors LLC boosted its holdings in shares of Shoals Technologies Group by 9.1% in the 1st quarter. Grandeur Peak Global Advisors LLC now owns 476,710 shares of the company’s stock valued at $10,864,000 after purchasing an additional 39,805 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Shoals Technologies Group by 23.6% in the 1st quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock valued at $371,208,000 after purchasing an additional 3,112,106 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SHLS. JPMorgan Chase & Co. lifted their price target on shares of Shoals Technologies Group from $35.00 to $38.00 in a report on Wednesday, July 19th. Morgan Stanley decreased their price target on shares of Shoals Technologies Group from $28.00 to $22.00 and set an “equal weight” rating on the stock in a report on Wednesday. Barclays lifted their target price on shares of Shoals Technologies Group from $19.00 to $20.00 and gave the company an “underweight” rating in a report on Friday, August 4th. Oppenheimer restated an “outperform” rating and set a $42.00 target price on shares of Shoals Technologies Group in a report on Wednesday, August 2nd. Finally, Cantor Fitzgerald upgraded shares of Shoals Technologies Group from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $27.00 to $28.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.89.

Insider Transactions at Shoals Technologies Group

In other news, General Counsel Mehgan Peetz sold 7,279 shares of the business’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $24.78, for a total value of $180,373.62. Following the completion of the sale, the general counsel now owns 83,375 shares of the company’s stock, valued at approximately $2,066,032.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $20.82 on Friday. Shoals Technologies Group, Inc. has a 12-month low of $17.32 and a 12-month high of $32.43. The company has a market capitalization of $3.54 billion, a price-to-earnings ratio of 21.25 and a beta of 2.11. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.59 and a quick ratio of 1.71. The firm’s fifty day moving average price is $22.93 and its 200 day moving average price is $22.99.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 1st. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.01. Shoals Technologies Group had a net margin of 37.53% and a return on equity of 21.69%. The firm had revenue of $119.21 million for the quarter, compared to the consensus estimate of $111.94 million. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.51 EPS for the current fiscal year.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions.