Y Intercept Hong Kong Ltd Acquires 76,923 Shares of Shoals Technologies Group, Inc. $SHLS

Y Intercept Hong Kong Ltd grew its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 569.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 90,422 shares of the company’s stock after buying an additional 76,923 shares during the period. Y Intercept Hong Kong Ltd owned 0.05% of Shoals Technologies Group worth $595,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC raised its stake in Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after acquiring an additional 1,375 shares during the period. USA Financial Formulas bought a new position in Shoals Technologies Group during the fourth quarter worth $49,000. Dynamic Technology Lab Private Ltd bought a new position in Shoals Technologies Group during the first quarter worth $57,000. Tower Research Capital LLC TRC increased its holdings in shares of Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock valued at $66,000 after purchasing an additional 12,788 shares during the last quarter. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of Shoals Technologies Group in the first quarter valued at $70,000.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $9.40 on Tuesday. Shoals Technologies Group, Inc. has a 52 week low of $4.43 and a 52 week high of $13.18. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 47.00, a P/E/G ratio of 1.22 and a beta of 1.90. The firm’s 50-day simple moving average is $10.12 and its 200 day simple moving average is $8.77. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. The company’s revenue for the quarter was up 74.4% compared to the same quarter last year. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the sale, the insider owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This trade represents a 12.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, May 6th. Weiss Ratings raised shares of Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 6th. Wells Fargo & Company raised their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. UBS Group upped their target price on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Citigroup increased their target price on Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and an average price target of $10.00.

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.