Handelsbanken Fonder AB Buys 912,093 Shares of Shoals Technologies Group, Inc. $SHLS

Handelsbanken Fonder AB raised its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 31.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,766,966 shares of the company’s stock after purchasing an additional 912,093 shares during the period. Handelsbanken Fonder AB owned 2.25% of Shoals Technologies Group worth $37,293,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after buying an additional 7,685,515 shares during the last quarter. First Trust Advisors LP grew its stake in Shoals Technologies Group by 1,493.0% in the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock valued at $53,819,000 after buying an additional 5,934,223 shares during the last quarter. Castle Hook Partners LP acquired a new position in Shoals Technologies Group in the 4th quarter valued at about $40,095,000. Amundi raised its holdings in Shoals Technologies Group by 175.2% in the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the period. Finally, Peconic Partners LLC raised its holdings in Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after acquiring an additional 3,095,186 shares during the period.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Guggenheim reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Jefferies Financial Group lifted their price target on Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Royal Bank Of Canada boosted their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Wednesday, August 5th. Finally, Citigroup reaffirmed a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, July 22nd. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of “Moderate Buy” and a consensus target price of $10.71.

Insider Activity at Shoals Technologies Group

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.81% of the company’s stock.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $8.73 on Wednesday. The firm has a 50-day moving average price of $9.89 and a two-hundred day moving average price of $8.83. Shoals Technologies Group, Inc. has a 12-month low of $4.43 and a 12-month high of $13.18. The company has a market capitalization of $1.46 billion, a P/E ratio of 45.95, a P/E/G ratio of 1.04 and a beta of 1.93. The company has a quick ratio of 1.12, a current ratio of 2.25 and a debt-to-equity ratio of 0.32.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.02. The company had revenue of $163.37 million for the quarter, compared to analyst estimates of $160.03 million. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.Shoals Technologies Group’s quarterly revenue was up 47.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.10 EPS. Analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.