Harel Insurance Investments & Financial Services Ltd. Increases Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Harel Insurance Investments & Financial Services Ltd. boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 12.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,322 shares of the company’s stock after buying an additional 2,507 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.’s holdings in Shoals Technologies Group were worth $363,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SHLS. BlackRock Inc. raised its stake in Shoals Technologies Group by 23.6% during the 1st quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock worth $371,208,000 after acquiring an additional 3,112,106 shares in the last quarter. Wellington Management Group LLP increased its position in Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after buying an additional 2,764,566 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Shoals Technologies Group by 2.6% in the third quarter. Clearbridge Investments LLC now owns 8,743,607 shares of the company’s stock valued at $159,571,000 after acquiring an additional 222,249 shares during the period. Invesco Ltd. boosted its stake in Shoals Technologies Group by 0.8% during the 1st quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock worth $120,365,000 after purchasing an additional 55,184 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SHLS shares. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. TD Cowen reduced their price objective on shares of 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. Janney Montgomery Scott started coverage on Shoals Technologies Group in a research note on Friday, January 19th. They issued a “buy” rating and a $20.00 price target on the stock. Truist Financial reissued a “buy” rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a research note on Thursday, February 29th. Finally, Royal Bank of Canada cut their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average target price of $21.06.

Shoals Technologies Group Price Performance

Shares of SHLS opened at $8.72 on Tuesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The company has a market cap of $1.49 billion, a P/E ratio of 34.88 and a beta of 1.79. Shoals Technologies Group, Inc. has a 12 month low of $8.66 and a 12 month high of $28.34. The stock has a fifty day moving average price of $12.95 and a 200 day moving average price of $14.15.

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 the consensus estimate of $0.15 by ($0.04). The firm 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, research analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current 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 (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.