SummitTX Capital L.P. Buys Shares of 239,142 Shoals Technologies Group, Inc. $SHLS

SummitTX Capital L.P. purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 239,142 shares of the company’s stock, valued at approximately $1,574,000. SummitTX Capital L.P. owned approximately 0.14% of Shoals Technologies Group at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Gabelli Funds LLC lifted its stake in shares of Shoals Technologies Group by 18.3% in the first quarter. Gabelli Funds LLC now owns 49,542 shares of the company’s stock worth $326,000 after buying an additional 7,681 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Shoals Technologies Group by 26.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,728,998 shares of the company’s stock valued at $17,957,000 after buying an additional 576,591 shares during the last quarter. State of Wyoming grew its stake in Shoals Technologies Group by 30.7% in the 1st quarter. State of Wyoming now owns 71,079 shares of the company’s stock valued at $468,000 after buying an additional 16,711 shares during the last quarter. Militia Capital Management LLC bought a new position in Shoals Technologies Group in the 1st quarter worth $516,000. Finally, First Trust Advisors LP raised its holdings in Shoals Technologies Group by 15.4% in the 1st quarter. First Trust Advisors LP now owns 7,304,064 shares of the company’s stock worth $48,061,000 after acquiring an additional 972,382 shares during the period.

Shoals Technologies Group Stock Down 7.0%

NASDAQ SHLS opened at $7.94 on Thursday. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average is $10.32 and its two-hundred day moving average is $8.85. The company has a market capitalization of $1.33 billion, a price-to-earnings ratio of 39.70, a PEG ratio of 1.04 and a beta of 1.90. Shoals Technologies Group, Inc. has a 1-year low of $4.43 and a 1-year high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last announced its 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. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. The company’s revenue for the quarter was up 74.4% compared to the same quarter last year. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on SHLS. Jefferies Financial Group boosted their price objective on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Guggenheim reaffirmed a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Weiss Ratings raised Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Citigroup reissued a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Finally, Wells Fargo & Company increased their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research report on Thursday, June 11th. Ten investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $10.46.

Insider Activity

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer directly owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.81% of the company’s stock.

Shoals Technologies Group Company 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.