Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Skandinaviska Enskilda Banken AB publ raised its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 146.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 157,000 shares of the company’s stock after buying an additional 93,400 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Shoals Technologies Group were worth $980,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Capstone Investment Advisors LLC grew its stake in shares of Shoals Technologies Group by 1.7% in the 4th quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock worth $1,166,000 after purchasing an additional 1,237 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Shoals Technologies Group by 14.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after purchasing an additional 1,429 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,857 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Shoals Technologies Group by 10.6% in the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after purchasing an additional 1,898 shares during the last quarter. Finally, Commerce Bank grew its stake in shares of Shoals Technologies Group by 12.8% in the 4th quarter. Commerce Bank now owns 18,038 shares of the company’s stock worth $280,000 after purchasing an additional 2,045 shares during the last quarter.

Shoals Technologies Group Stock Performance

SHLS stock opened at $6.40 on Tuesday. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 35.56, a P/E/G ratio of 0.91 and a beta of 1.74. Shoals Technologies Group, Inc. has a 12 month low of $4.88 and a 12 month high of $20.63. The firm has a 50 day moving average of $5.93 and a two-hundred day moving average of $7.61.

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. The company had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. As a group, equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SHLS. Northland Securities lowered their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Citigroup downgraded shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and dropped their target price for the stock from $15.00 to $5.00 in a research report on Tuesday, July 2nd. Piper Sandler lifted their target price on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Oppenheimer dropped their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target 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.