Handelsbanken Fonder AB Lowers Stock Holdings in Shoals Technologies Group, Inc. $SHLS

Handelsbanken Fonder AB cut its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 38.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,752,242 shares of the company’s stock after selling 1,098,900 shares during the period. Handelsbanken Fonder AB’s holdings in Shoals Technologies Group were worth $14,894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SHLS. Royal Bank of Canada boosted its holdings in Shoals Technologies Group by 292.5% in the first quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock valued at $353,000 after purchasing an additional 79,392 shares during the period. AQR Capital Management LLC boosted its holdings in Shoals Technologies Group by 184.7% in the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock valued at $2,975,000 after purchasing an additional 598,407 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Shoals Technologies Group in the first quarter valued at $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Shoals Technologies Group by 8.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 517,507 shares of the company’s stock valued at $1,718,000 after purchasing an additional 38,983 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Shoals Technologies Group by 1.9% in the second quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock valued at $832,000 after purchasing an additional 3,601 shares during the period.

Analyst Ratings Changes

SHLS has been the subject of a number of recent research reports. Barclays decreased their target price on Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Weiss Ratings lowered Shoals Technologies Group from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, May 7th. BNP Paribas Exane upgraded Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 target price for the company in a report on Wednesday, February 25th. Guggenheim decreased their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Finally, Jefferies Financial Group decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Stock Down 1.3%

Shares of NASDAQ SHLS opened at $9.55 on Friday. The company has a market capitalization of $1.60 billion, a price-to-earnings ratio of 47.75, a price-to-earnings-growth ratio of 1.18 and a beta of 1.74. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07. The business has a 50-day moving average of $7.41 and a two-hundred day moving average of $8.25. Shoals Technologies Group, Inc. has a 1 year low of $3.81 and a 1 year high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $140.56 million during the quarter, compared to the consensus estimate of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm’s revenue for the quarter was up 74.4% compared to the same quarter last year. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the sale, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at $3,349,421.92. The trade was a 12.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.81% of the stock is owned by company insiders.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.