Pictet Asset Management Holding SA Has $18.10 Million Position in Shoals Technologies Group, Inc. $SHLS

Pictet Asset Management Holding SA cut its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 41.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,750,488 shares of the company’s stock after selling 1,982,457 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Shoals Technologies Group were worth $18,098,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Shoals Technologies Group by 292.5% during the 1st quarter. Royal Bank of Canada now owns 106,531 shares of the company’s stock worth $353,000 after acquiring an additional 79,392 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Shoals Technologies Group by 184.7% in the first quarter. AQR Capital Management LLC now owns 922,358 shares of the company’s stock worth $2,975,000 after purchasing an additional 598,407 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Shoals Technologies Group during the first quarter worth $57,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Shoals Technologies Group by 8.1% during 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 worth $1,718,000 after purchasing an additional 38,983 shares during the last quarter. Finally, Legal & General Group Plc grew its position 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 in the last quarter.

Insider Buying and Selling

In other news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value 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. This trade represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the transaction, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by insiders.

Analysts Set New Price Targets

SHLS has been the topic of several recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Jefferies Financial Group reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. JPMorgan Chase & Co. raised their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Barclays lifted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.79.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $10.12 on Thursday. The company has a market cap of $1.69 billion, a PE ratio of 50.60, a price-to-earnings-growth ratio of 1.20 and a beta of 1.90. The firm has a 50-day moving average of $9.74 and a 200-day moving average of $8.70. Shoals Technologies Group, Inc. has a one year low of $4.43 and a one year high of $13.18. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The company had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. The firm’s revenue was up 74.4% on a year-over-year basis. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

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.