Bank of New York Mellon Corp Sells 35,436 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bank of New York Mellon Corp decreased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 4.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 680,720 shares of the company’s stock after selling 35,436 shares during the period. Bank of New York Mellon Corp owned approximately 0.40% of Shoals Technologies Group worth $4,248,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SHLS. Capstone Investment Advisors LLC lifted its position in Shoals Technologies Group by 1.7% during the fourth quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock valued at $1,166,000 after purchasing an additional 1,237 shares during the period. PNC Financial Services Group Inc. lifted its position in Shoals Technologies Group by 14.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after purchasing an additional 1,857 shares during the period. Principal Financial Group Inc. lifted its position in Shoals Technologies Group by 10.6% during the fourth quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock valued at $308,000 after purchasing an additional 1,898 shares during the period. Finally, Commerce Bank raised its position in Shoals Technologies Group by 12.8% in the fourth quarter. Commerce Bank now owns 18,038 shares of the company’s stock worth $280,000 after acquiring an additional 2,045 shares during the period.

Shoals Technologies Group Trading Down 2.0 %

NASDAQ SHLS opened at $6.35 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $4.88 and a 12 month high of $22.05. The company has a 50-day moving average of $5.94 and a 200-day moving average of $7.95. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. The company has a market cap of $1.06 billion, a P/E ratio of 35.28, a P/E/G ratio of 0.93 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $99.25 million during the quarter, compared to analysts’ expectations of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. Shoals Technologies Group’s quarterly revenue was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Truist Financial dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler raised their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $11.17.

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.