Heartland Advisors Inc. Invests $6.95 Million in Shoals Technologies Group, Inc. $SHLS

Heartland Advisors Inc. acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,056,175 shares of the company’s stock, valued at approximately $6,950,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after purchasing an additional 1,375 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth about $49,000. CIBC Asset Management Inc purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth about $85,000. Miller Howard Investments Inc. NY bought a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $70,000. Finally, Fifth Third Bancorp bought a new stake in shares of Shoals Technologies Group in the first quarter valued at approximately $71,000.

Insider Buying and Selling at Shoals Technologies Group

In related news, CFO Dominic Bardos sold 54,449 shares of the 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 sale, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 sale, 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. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.81% of the company’s stock.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $10.30 on Friday. The company has a 50 day moving average of $10.32 and a 200 day moving average of $8.82. 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 has a market cap of $1.72 billion, a P/E ratio of 51.50, a P/E/G ratio of 1.25 and a beta of 1.90. Shoals Technologies Group, Inc. has a 12 month low of $4.43 and a 12 month high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $129.16 million. Shoals Technologies Group’s quarterly revenue was up 74.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a report on Thursday, July 2nd. Guggenheim reissued a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Wells Fargo & Company raised their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a report on Thursday, June 11th. Weiss Ratings upgraded Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Finally, Citigroup boosted their price objective on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $10.31.

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.