Shoals Technologies Group, Inc. $SHLS Stock Position Reduced by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 4.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,719,584 shares of the company’s stock after selling 120,152 shares during the period. Pictet Asset Management Holding SA owned about 1.62% of Shoals Technologies Group worth $22,029,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. raised its holdings in shares of Shoals Technologies Group by 0.5% during the first quarter. Principal Financial Group Inc. now owns 394,094 shares of the company’s stock worth $2,593,000 after purchasing an additional 1,883 shares during the last quarter. Parallel Advisors LLC grew its position in Shoals Technologies Group by 194.1% during the 3rd quarter. Parallel Advisors LLC now owns 4,014 shares of the company’s stock worth $33,000 after purchasing an additional 2,649 shares during the period. Mirador Capital Partners LP grew its position in Shoals Technologies Group by 4.7% during the 3rd quarter. Mirador Capital Partners LP now owns 60,728 shares of the company’s stock worth $492,000 after purchasing an additional 2,708 shares during the period. Farther Finance Advisors LLC grew its position in Shoals Technologies Group by 428.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company’s stock worth $33,000 after purchasing an additional 3,352 shares during the period. Finally, KBC Group NV purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at about $30,000.

Shoals Technologies Group Stock Up 8.2%

SHLS stock opened at $8.80 on Thursday. The firm has a market cap of $1.48 billion, a PE ratio of 38.26, a P/E/G ratio of 0.96 and a beta of 1.86. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.39 and a current ratio of 2.45. The firm’s fifty day moving average is $7.83 and its 200 day moving average is $8.46. Shoals Technologies Group, Inc. has a one year low of $5.43 and a one year high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.14 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.02. Shoals Technologies Group had a net margin of 5.84% and a return on equity of 10.23%. The business had revenue of $195.31 million during the quarter, compared to the consensus estimate of $161.78 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The company’s revenue was up 43.8% compared to the same quarter last year. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.35 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SHLS. The Goldman Sachs Group boosted their price objective on Shoals Technologies Group from $11.00 to $13.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Royal Bank Of Canada upped their target price on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Monday. Barclays raised their target price on Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a report on Thursday, October 8th. Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Finally, Jefferies Financial Group decreased their price target on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, October 14th. Twelve analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $10.94.

Shoals Technologies Group Profile

Shoals Technologies Group designs and supplies electrical balance-of-system (EBOS) solutions used in solar energy projects. Founded in 1996, the company develops equipment and systems that connect solar panels to the electrical grid. Its products include cable assemblies and wiring harnesses, combiner and junction boxes, disconnects, and other components used to collect and manage electricity generated by solar panels. Shoals also offers pre-engineered, plug-and-play solutions intended to simplify installation and maintenance.