SEB Asset Management AB Invests $1.31 Million in Shoals Technologies Group, Inc. $SHLS

SEB Asset Management AB bought a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the first quarter, Holdings Channel.com reports. The firm bought 199,778 shares of the company’s stock, valued at approximately $1,315,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Precision Wealth Strategies LLC acquired a new position in Shoals Technologies Group during the first quarter worth about $428,000. Heartland Advisors Inc. acquired a new stake in Shoals Technologies Group in the 1st quarter valued at about $6,950,000. Principal Financial Group Inc. raised its holdings in Shoals Technologies Group by 0.5% in the 1st quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock valued at $2,593,000 after acquiring an additional 1,883 shares during the last quarter. Fifth Third Bancorp purchased a new position in Shoals Technologies Group in the 1st quarter worth approximately $71,000. Finally, Swedbank AB boosted its holdings in shares of Shoals Technologies Group by 7.3% during the 1st quarter. Swedbank AB now owns 1,099,445 shares of the company’s stock worth $7,234,000 after purchasing an additional 74,900 shares during the last quarter.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $9.89 on Friday. The firm’s 50 day moving average price is $10.40 and its 200-day moving average price is $8.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. Shoals Technologies Group, Inc. has a one year low of $4.43 and a one year high of $13.18. The firm has a market cap of $1.66 billion, a P/E ratio of 49.45, a P/E/G ratio of 1.27 and a beta of 1.90.

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

Insider Buying and Selling at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction 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 approximately $3,349,421.92. The trade was a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of Shoals Technologies Group stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. The trade was a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on SHLS shares. UBS Group increased their price target on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings raised Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, July 6th. Barclays upped their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Friday, June 26th. The Goldman Sachs Group raised their target price on Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $10.46.

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.