M&G Plc purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,170,214 shares of the company’s stock, valued at approximately $7,021,000.
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC grew its stake in Shoals Technologies Group by 71.6% during the first 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. Clearbridge Investments LLC increased its holdings in Shoals Technologies Group by 2.7% in the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares in the last quarter. Finally, Joho Capital LLC lifted its stake in Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares during the period.
Shoals Technologies Group Stock Up 6.4 %
NASDAQ:SHLS traded up $0.33 during trading hours on Tuesday, hitting $5.46. 5,335,789 shares of the company traded hands, compared to its average volume of 4,957,074. 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 cap of $930.49 million, a PE ratio of 30.34, a PEG ratio of 0.48 and a beta of 1.76. The firm’s 50-day simple moving average is $6.41 and its 200-day simple moving average is $9.45. Shoals Technologies Group, Inc. has a one year low of $4.88 and a one year high of $22.40.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on the stock. TD Cowen reduced their price objective on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Truist Financial restated a “buy” rating and issued a $10.00 price target (down from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, August 7th. Cantor Fitzgerald dropped their price objective on shares of Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Roth Mkm downgraded Shoals Technologies Group from a “buy” rating to a “neutral” rating and reduced their target price for the company from $15.00 to $8.00 in a research note on Wednesday, May 8th. Finally, Oppenheimer dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $11.76.
Check Out Our Latest Analysis on Shoals Technologies Group
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.
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