Encompass Capital Advisors LLC Reduces Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Encompass Capital Advisors LLC lessened its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 23.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,748,457 shares of the company’s stock after selling 1,153,675 shares during the period. Encompass Capital Advisors LLC owned 2.20% of Shoals Technologies Group worth $23,390,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Shoals Technologies Group by 1.0% in the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares during the period. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC lifted its position in shares of Shoals Technologies Group by 71.6% in the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares during the period. Joho Capital LLC boosted its stake in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after purchasing an additional 3,387,539 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in shares of Shoals Technologies Group by 30.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock valued at $57,050,000 after buying an additional 1,179,834 shares during the period.

Analyst Ratings Changes

SHLS has been the subject of several research analyst reports. Citigroup lowered shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $15.00 to $5.00 in a report on Tuesday, July 2nd. UBS Group lowered their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Truist Financial reduced their price target on 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. Oppenheimer lowered their price objective on 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Four 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.06.

Shoals Technologies Group Trading Down 10.1 %

Shoals Technologies Group stock opened at $5.68 on Thursday. Shoals Technologies Group, Inc. has a one year low of $4.88 and a one year high of $20.63. The business’s fifty day moving average is $5.88 and its 200 day moving average is $7.50. The stock has a market capitalization of $946.57 million, a PE ratio of 31.56, a price-to-earnings-growth ratio of 0.92 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The firm had revenue of $99.25 million for the quarter, compared to the consensus estimate of $90.57 million. During the same quarter last year, the firm posted $0.12 EPS. The business’s quarterly revenue was down 16.7% compared to the same quarter last year. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current 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.