Versor Investments LP Acquires New Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Versor Investments LP bought a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 12,800 shares of the company’s stock, valued at approximately $80,000.

Several other hedge funds also recently modified their holdings of the business. ANTIPODES PARTNERS Ltd increased its holdings in shares of Shoals Technologies Group by 122.4% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group during the second quarter valued at approximately $54,000. Pallas Capital Advisors LLC bought a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $90,000. Headlands Technologies LLC acquired a new stake in shares of Shoals Technologies Group in the first quarter worth $92,000. Finally, CWM LLC boosted its holdings in shares of Shoals Technologies Group by 1,240.8% during the 2nd quarter. CWM LLC now owns 15,768 shares of the company’s stock worth $98,000 after buying an additional 14,592 shares during the period.

Shoals Technologies Group Stock Up 3.1 %

Shares of SHLS opened at $5.65 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $4.88 and a 12 month high of $22.40. The stock has a market cap of $941.57 million, a price-to-earnings ratio of 31.39, a P/E/G ratio of 0.82 and a beta of 1.74. The company has a 50-day moving average price of $5.92 and a two-hundred day moving average price of $8.20. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the company earned $0.12 EPS. Shoals Technologies Group’s revenue was down 16.7% on a year-over-year basis. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHLS. Oppenheimer cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Barclays cut their price objective on Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Northland Securities lowered their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Piper Sandler cut their price target on Shoals Technologies Group from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Finally, Citigroup cut Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their price objective for the company from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $11.06.

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.