Vanguard Group Inc. Sells 34,457 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Vanguard Group Inc. lessened its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 0.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,134,975 shares of the company’s stock after selling 34,457 shares during the quarter. Vanguard Group Inc. owned 9.49% of Shoals Technologies Group worth $294,463,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Assetmark Inc. lifted its position in Shoals Technologies Group by 92.7% during the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after buying an additional 765 shares in the last quarter. IFP Advisors Inc increased its position in shares of Shoals Technologies Group by 73.5% in the second quarter. IFP Advisors Inc now owns 1,223 shares of the company’s stock valued at $31,000 after acquiring an additional 518 shares during the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Shoals Technologies Group in the first quarter valued at about $36,000. Toroso Investments LLC bought a new stake in Shoals Technologies Group during the third quarter worth about $44,000. Finally, Exchange Traded Concepts LLC bought a new position in Shoals Technologies Group in the third quarter valued at approximately $48,000.

Shoals Technologies Group Stock Up 5.6 %

SHLS opened at $11.76 on Thursday. The stock has a fifty day moving average of $13.81 and a 200-day moving average of $15.13. The company has a market capitalization of $2.00 billion, a P/E ratio of 47.04 and a beta of 1.82. Shoals Technologies Group, Inc. has a fifty-two week low of $11.11 and a fifty-two week high of $28.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SHLS. TD Cowen dropped their price objective on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Morgan Stanley cut their price target on shares of Shoals Technologies Group from $21.00 to $17.00 and set an “equal weight” rating for the company in a research note on Friday, December 8th. Truist Financial reissued a “buy” rating and issued a $20.00 price objective (down previously from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. Barclays dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 5th. Finally, UBS Group cut their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.18.

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.