Millennium Management LLC boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 262.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,371,593 shares of the company's stock after acquiring an additional 2,442,227 shares during the quarter. Millennium Management LLC owned about 1.98% of Shoals Technologies Group worth $21,039,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of SHLS. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Shoals Technologies Group by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company's stock worth $3,929,000 after purchasing an additional 130,434 shares in the last quarter. M&G Plc acquired a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $7,021,000. First Trust Advisors LP boosted its stake in shares of Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company's stock worth $33,854,000 after acquiring an additional 538,908 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Shoals Technologies Group by 16.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company's stock worth $34,434,000 after acquiring an additional 309,261 shares during the last quarter. Finally, Electron Capital Partners LLC raised its position in shares of Shoals Technologies Group by 102.9% during the fourth quarter. Electron Capital Partners LLC now owns 2,148,680 shares of the company's stock worth $33,390,000 after purchasing an additional 1,089,848 shares during the period.
NASDAQ SHLS opened at $5.13 on Friday. 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 stock has a market capitalization of $874.25 million, a PE ratio of 28.50, a price-to-earnings-growth ratio of 0.84 and a beta of 1.74. Shoals Technologies Group, Inc. has a 12-month low of $4.88 and a 12-month high of $18.46. The company has a 50 day moving average price of $5.74 and a two-hundred day moving average price of $7.26.
Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.02. The firm had revenue of $99.25 million during the quarter, compared to analysts' expectations of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group's revenue for the quarter was down 16.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.
A number of brokerages recently weighed in on SHLS. Barclays dropped their price target on Shoals Technologies Group from $10.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 8th. Oppenheimer cut their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an "outperform" rating on the stock in a report on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a "hold" rating and a $5.00 price objective for the company. Northland Securities cut their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating on the stock in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $11.08.
Read Our Latest Stock Report on 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.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Before you consider Shoals Technologies Group, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Shoals Technologies Group wasn't on the list.
While Shoals Technologies Group currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.