Shoals Technologies Group, Inc. $SHLS Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 4.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,719,584 shares of the company’s stock after selling 120,152 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Shoals Technologies Group were worth $22,029,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SHLS. KBC Group NV purchased a new position in shares of Shoals Technologies Group during the 1st quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its stake in Shoals Technologies Group by 428.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,134 shares of the company’s stock valued at $33,000 after acquiring an additional 3,352 shares during the period. Parallel Advisors LLC grew its stake in Shoals Technologies Group by 194.1% in the 3rd quarter. Parallel Advisors LLC now owns 4,014 shares of the company’s stock valued at $33,000 after acquiring an additional 2,649 shares during the period. Sterling Capital Management LLC grew its stake in Shoals Technologies Group by 604.6% in the 3rd quarter. Sterling Capital Management LLC now owns 5,482 shares of the company’s stock valued at $44,000 after acquiring an additional 4,704 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in Shoals Technologies Group by 378.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after acquiring an additional 5,983 shares in the last quarter.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $8.80 on Thursday. The company has a market cap of $1.48 billion, a PE ratio of 38.26, a price-to-earnings-growth ratio of 0.96 and a beta of 1.86. The stock’s 50 day simple moving average is $7.83 and its 200-day simple moving average is $8.46. Shoals Technologies Group, Inc. has a 1-year low of $5.43 and a 1-year high of $13.18. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.45 and a quick ratio of 1.39.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.12 by $0.02. Shoals Technologies Group had a return on equity of 10.23% and a net margin of 5.84%. The firm had revenue of $195.31 million during the quarter, compared to analysts’ expectations of $161.78 million. During the same period in the previous year, the business earned $0.12 earnings per share. The firm’s revenue for the quarter was up 43.8% on a year-over-year basis. As a group, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.35 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays upped their price objective on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “overweight” rating in a research report on Thursday, October 8th. Jefferies Financial Group dropped their target price on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, October 14th. Royal Bank Of Canada boosted their target price on shares of Shoals Technologies Group from $10.00 to $11.00 and gave the stock an “outperform” rating in a research note on Monday. The Goldman Sachs Group upped their price target on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Twelve analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and an average price target of $10.94.

About Shoals Technologies Group

Shoals Technologies Group designs and supplies electrical balance-of-system (EBOS) solutions used in solar energy projects. Founded in 1996, the company develops equipment and systems that connect solar panels to the electrical grid. Its products include cable assemblies and wiring harnesses, combiner and junction boxes, disconnects, and other components used to collect and manage electricity generated by solar panels. Shoals also offers pre-engineered, plug-and-play solutions intended to simplify installation and maintenance.