Healthcare of Ontario Pension Plan Trust Fund Boosts Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 15.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 436,340 shares of the company’s stock after acquiring an additional 59,967 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.26% of Shoals Technologies Group worth $4,878,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of SHLS. Capstone Investment Advisors LLC grew its position in Shoals Technologies Group by 1.7% in the fourth quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock worth $1,166,000 after acquiring an additional 1,237 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings 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 in the last quarter. Principal Financial Group Inc. increased its position in shares of Shoals Technologies Group by 10.6% during the 4th 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 last quarter. Commerce Bank raised its holdings in shares of Shoals Technologies Group by 12.8% during the 4th quarter. Commerce Bank now owns 18,038 shares of the company’s stock valued at $280,000 after buying an additional 2,045 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd purchased a new position in shares of Shoals Technologies Group during the 4th quarter valued at about $33,000.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $6.74 on Friday. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 37.45 and a beta of 1.76. The stock has a fifty day moving average of $6.83 and a 200 day moving average of $10.15. Shoals Technologies Group, Inc. has a 52 week low of $5.69 and a 52 week high of $27.86. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to analyst estimates of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Mizuho decreased their price target on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Roth Mkm cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, May 7th. Citigroup cut Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their price objective for the company from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Finally, Barclays lowered their target price on Shoals Technologies Group from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Thursday, July 18th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $15.06.

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.