Electron Capital Partners LLC Grows Stake in Shoals Technologies Group, Inc. $SHLS

Electron Capital Partners LLC lifted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 1,716.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,976,633 shares of the company’s stock after purchasing an additional 1,867,795 shares during the period. Shoals Technologies Group accounts for 0.4% of Electron Capital Partners LLC’s investment portfolio, making the stock its 26th biggest holding. Electron Capital Partners LLC owned approximately 1.18% of Shoals Technologies Group worth $8,401,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of SHLS. Encompass Capital Advisors LLC purchased a new stake in Shoals Technologies Group in the second quarter worth $56,120,000. BNP Paribas Financial Markets grew its stake in shares of Shoals Technologies Group by 36.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 416,085 shares of the company’s stock worth $1,768,000 after acquiring an additional 110,519 shares during the period. Boothbay Fund Management LLC bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth $114,000. Bank of America Corp DE increased its holdings in Shoals Technologies Group by 140.6% in the 2nd quarter. Bank of America Corp DE now owns 1,922,198 shares of the company’s stock worth $8,169,000 after acquiring an additional 1,123,178 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in Shoals Technologies Group by 1,110.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,687,082 shares of the company’s stock worth $7,170,000 after acquiring an additional 1,547,651 shares during the last quarter.

Insiders Place Their Bets

In other Shoals Technologies Group news, CFO Dominic Bardos sold 4,170 shares of Shoals Technologies Group stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $7.83, for a total transaction of $32,651.10. Following the completion of the sale, the chief financial officer directly owned 412,289 shares in the company, valued at $3,228,222.87. The trade was a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Trading Down 7.7%

Shares of SHLS stock opened at $8.85 on Friday. The company has a market capitalization of $1.48 billion, a PE ratio of 44.25, a price-to-earnings-growth ratio of 1.19 and a beta of 1.71. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $11.36. The business’s fifty day moving average is $9.03 and its 200 day moving average is $6.99. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.19.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. Shoals Technologies Group had a return on equity of 8.50% and a net margin of 7.66%.The business had revenue of $135.80 million for the quarter, compared to analyst estimates of $131.37 million. On average, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

SHLS has been the subject of a number of research reports. Needham & Company LLC initiated coverage on shares of Shoals Technologies Group in a research report on Wednesday, October 22nd. They set a “buy” rating and a $12.00 target price for the company. Jefferies Financial Group lifted their price objective on shares of Shoals Technologies Group from $6.00 to $9.00 and gave the company a “buy” rating in a research note on Monday, September 8th. Morgan Stanley increased their target price on Shoals Technologies Group from $7.00 to $11.00 and gave the stock an “overweight” rating in a research report on Thursday, October 16th. JPMorgan Chase & Co. lifted their price target on Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Finally, The Goldman Sachs Group increased their price objective on Shoals Technologies Group from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $8.84.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.