KBC Group NV Decreases Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

KBC Group NV reduced its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 62.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 197,489 shares of the company’s stock after selling 330,971 shares during the period. KBC Group NV’s holdings in Shoals Technologies Group were worth $1,108,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in the stock. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the second quarter worth about $54,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the second quarter valued at $64,000. Paloma Partners Management Co purchased a new stake in Shoals Technologies Group in the first quarter worth $115,000. American Trust bought a new stake in shares of Shoals Technologies Group in the second quarter valued at $68,000. Finally, Versor Investments LP purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $80,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SHLS shares. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective on the stock. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Barclays lowered their target price on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 13th. Piper Sandler lifted their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $4.26 on Tuesday. The company’s fifty day moving average price is $5.51 and its 200-day moving average price is $6.14. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50. The firm has a market capitalization of $709.93 million, a price-to-earnings ratio of 21.30, a PEG ratio of 0.67 and a beta of 1.73. Shoals Technologies Group, Inc. has a one year low of $4.22 and a one year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the company earned $0.16 EPS. The firm’s revenue was down 23.8% compared to the same quarter last year. On average, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

Shoals Technologies Group Company Profile

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.