State of New Jersey Common Pension Fund D Increases Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

State of New Jersey Common Pension Fund D raised its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 43.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 180,948 shares of the company’s stock after purchasing an additional 54,767 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.11% of Shoals Technologies Group worth $2,812,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Assetmark Inc. lifted its position in shares of Shoals Technologies Group by 92.7% during the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after acquiring an additional 765 shares during the period. ANTIPODES PARTNERS Ltd acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $33,000. Exchange Traded Concepts LLC acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $48,000. Headlands Technologies LLC raised its position in shares of Shoals Technologies Group by 101.4% during the 3rd quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after purchasing an additional 2,245 shares during the last quarter. Finally, Trium Capital LLP acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $93,000.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SHLS. Janney Montgomery Scott began coverage on Shoals Technologies Group in a research note on Friday, January 19th. They set a “buy” rating and a $20.00 price target on the stock. Piper Sandler reduced their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. The Goldman Sachs Group reduced their price target on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Royal Bank of Canada reduced their price target on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $24.00 price target on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $20.94.

Shoals Technologies Group Stock Up 2.5 %

Shares of NASDAQ SHLS opened at $8.73 on Tuesday. Shoals Technologies Group, Inc. has a 12-month low of $8.06 and a 12-month high of $28.34. The company has a market cap of $1.49 billion, a P/E ratio of 34.92 and a beta of 1.79. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The stock has a fifty day moving average price of $11.43 and a 200 day moving average price of $13.58.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Research analysts anticipate 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 (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.