Sumitomo Mitsui Trust Group Inc. Has $376,000 Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 8.3% during the third quarter, Holdings Channel.com reports. The firm owned 66,980 shares of the company’s stock after selling 6,102 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shoals Technologies Group were worth $376,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of SHLS. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group in the second quarter worth $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $64,000. American Trust acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $68,000. Versor Investments LP acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $80,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Shoals Technologies Group during the second quarter valued at $90,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHLS. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. TD Cowen upped their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Finally, Morgan Stanley dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 15th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $11.92.

Shoals Technologies Group Stock Up 6.3 %

NASDAQ:SHLS opened at $4.41 on Thursday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market cap of $734.91 million, a PE ratio of 22.05, a PEG ratio of 0.67 and a beta of 1.73. Shoals Technologies Group, Inc. has a 52-week low of $4.07 and a 52-week high of $17.50. The stock has a 50-day simple moving average of $5.43 and a 200 day simple moving average of $6.10.

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

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.