Allspring Global Investments Holdings LLC reduced its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 70.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 383,617 shares of the company’s stock after selling 896,892 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.23% of Shoals Technologies Group worth $4,289,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. ANTIPODES PARTNERS Ltd acquired a new position in Shoals Technologies Group during the 4th quarter worth $33,000. iA Global Asset Management Inc. acquired a new position in shares of Shoals Technologies Group in the 3rd quarter worth approximately $102,000. PNC Financial Services Group Inc. increased its holdings in shares of Shoals Technologies Group by 49.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after acquiring an additional 3,394 shares during the last quarter. Olympiad Research LP acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at approximately $167,000. Finally, Glenmede Trust Co. NA bought a new position in shares of Shoals Technologies Group in the 3rd quarter worth about $206,000.
Shoals Technologies Group Trading Down 2.9 %
Shares of NASDAQ:SHLS traded down $0.18 during mid-day trading on Tuesday, reaching $5.93. The stock had a trading volume of 2,857,361 shares, compared to its average volume of 4,769,150. The firm has a 50 day simple moving average of $7.39 and a two-hundred day simple moving average of $11.22. Shoals Technologies Group, Inc. has a twelve month low of $5.69 and a twelve month high of $28.34. The firm has a market cap of $1.01 billion, a PE ratio of 33.95 and a beta of 1.76. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30.
Analyst Upgrades and Downgrades
Several research firms have commented on SHLS. Piper Sandler decreased their target price on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Mizuho dropped their price target on Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. TD Cowen lowered their price target on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Northland Securities reiterated an “underperform” rating and set a $6.00 price objective (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Finally, Cantor Fitzgerald cut their price objective on Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 8th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $16.06.
Read Our Latest Stock Analysis on SHLS
About Shoals Technologies Group
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.
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