IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 104.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,629 shares of the company’s stock after acquiring an additional 69,193 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.08% of Shoals Technologies Group worth $846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Shoals Technologies Group by 48.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,469 shares of the company’s stock valued at $970,000 after buying an additional 51,058 shares during the period. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $54,000. Pallas Capital Advisors LLC purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $90,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in Shoals Technologies Group by 113.9% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,674 shares of the company’s stock valued at $254,000 after buying an additional 21,662 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in Shoals Technologies Group by 1,796.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock valued at $2,988,000 after buying an additional 453,543 shares during the period.

Analyst Upgrades and Downgrades

SHLS has been the topic of several recent research reports. Northland Securities decreased their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Citigroup lowered Shoals Technologies Group from a “buy” rating to a “sell” rating and reduced their target price for the stock from $15.00 to $5.00 in a research note on Tuesday, July 2nd. Royal Bank of Canada reduced their target price on Shoals Technologies Group from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Monday, July 8th. Finally, UBS Group reduced their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and an average price target of $11.76.

Shoals Technologies Group Stock Up 3.7 %

Shares of SHLS traded up $0.19 during midday trading on Thursday, reaching $5.34. 2,264,143 shares of the stock were exchanged, compared to its average volume of 4,841,652. Shoals Technologies Group, Inc. has a 52 week low of $4.88 and a 52 week high of $22.40. The company’s 50 day moving average is $6.00 and its two-hundred day moving average is $8.70. The company has a market capitalization of $910.04 million, a P/E ratio of 29.67, a PEG ratio of 0.67 and a beta of 1.76. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The company 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 company earned $0.12 earnings per share. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.32 earnings per share 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.