Swedbank AB Has $7.23 Million Holdings in Shoals Technologies Group, Inc. $SHLS

Swedbank AB increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 7.3% in the first quarter, HoldingsChannel reports. The firm owned 1,099,445 shares of the company’s stock after purchasing an additional 74,900 shares during the period. Swedbank AB’s holdings in Shoals Technologies Group were worth $7,234,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in Shoals Technologies Group by 151.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after buying an additional 7,685,515 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Shoals Technologies Group by 1,493.0% during the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after acquiring an additional 5,934,223 shares in the last quarter. Castle Hook Partners LP acquired a new position in shares of Shoals Technologies Group during the 4th quarter valued at about $40,095,000. Amundi increased its holdings in shares of Shoals Technologies Group by 175.2% during the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the last quarter. Finally, Peconic Partners LLC raised its stake in shares of Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after acquiring an additional 3,095,186 shares in the last quarter.

Shoals Technologies Group Stock Performance

Shares of SHLS traded down $0.06 during mid-day trading on Friday, hitting $10.02. The company’s stock had a trading volume of 2,800,723 shares, compared to its average volume of 5,302,291. 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 quick ratio of 1.07 and a current ratio of 1.84. The firm has a market capitalization of $1.68 billion, a PE ratio of 50.10, a price-to-earnings-growth ratio of 1.23 and a beta of 1.90. The stock’s 50-day moving average is $10.09 and its two-hundred day moving average is $8.77.

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. The business had revenue of $140.56 million for the quarter, compared to analyst estimates 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, sell-side analysts anticipate 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 the business’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 transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.81% of the company’s stock.

Wall Street Analysts Forecast Growth

SHLS has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Wells Fargo & Company lifted their price target on shares of 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. Weiss Ratings raised shares of Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Finally, Citigroup lifted their target price on shares of Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.79.

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.