Raiffeisen Bank International AG Makes New $1.69 Million Investment in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Raiffeisen Bank International AG acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 300,000 shares of the company’s stock, valued at approximately $1,692,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SHLS. Empirical Asset Management LLC purchased a new stake in Shoals Technologies Group in the fourth quarter worth about $59,000. SG Americas Securities LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $185,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $110,000. Cidel Asset Management Inc. purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $326,000. Finally, RWC Asset Management LLP purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $1,891,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SHLS shares. Royal Bank of Canada cut their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Barclays cut their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Citigroup increased their price target on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a report on Wednesday, May 7th. The Goldman Sachs Group increased their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Finally, Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and an average price target of $8.40.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last ninety days, insiders have sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company’s stock.

Shoals Technologies Group Stock Up 6.1%

SHLS opened at $4.86 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $8.52. The company has a market capitalization of $811.60 million, a PE ratio of 24.30, a PEG ratio of 0.52 and a beta of 1.52. The firm’s 50 day simple moving average is $3.70 and its two-hundred day simple moving average is $4.38.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The firm’s revenue was down 11.2% on a year-over-year basis. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Shoals Technologies Group 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.