Vanguard Group Inc. Acquires 404,133 Shares of Shoals Technologies Group, Inc. $SHLS

Vanguard Group Inc. lifted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 3.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,594,139 shares of the company’s stock after purchasing an additional 404,133 shares during the period. Vanguard Group Inc. owned about 8.12% of Shoals Technologies Group worth $115,550,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Shoals Technologies Group by 57.7% during the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after acquiring an additional 1,375 shares during the period. USA Financial Formulas bought a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $49,000. State of Alaska Department of Revenue purchased a new position in shares of Shoals Technologies Group in the third quarter valued at $54,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Shoals Technologies Group in the first quarter valued at $57,000. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock valued at $66,000 after purchasing an additional 12,788 shares in the last quarter.

Shoals Technologies Group Trading Down 7.4%

SHLS stock opened at $8.63 on Wednesday. The company has a market capitalization of $1.45 billion, a PE ratio of 43.15, a P/E/G ratio of 1.11 and a beta of 1.74. Shoals Technologies Group, Inc. has a 12 month low of $3.81 and a 12 month high of $11.36. The firm’s 50-day moving average is $6.90 and its 200 day moving average is $8.30. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $140.56 million during the quarter, compared to analyst estimates of $129.16 million. Shoals Technologies Group’s revenue for the quarter was up 74.4% on a year-over-year basis. On average, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.35 EPS for the current year.

Insider Buying and Selling

In related news, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction that occurred 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 $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.81% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SHLS has been the subject of several recent analyst reports. Barclays dropped their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Monday, February 9th. Morgan Stanley dropped their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. TD Cowen reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Tuesday, February 24th. Finally, Guggenheim decreased their target price on Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.64.

About Shoals Technologies Group

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.