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

Handelsbanken Fonder AB boosted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 31.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,766,966 shares of the company’s stock after acquiring an additional 912,093 shares during the quarter. Handelsbanken Fonder AB’s holdings in Shoals Technologies Group were worth $37,293,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. KBC Group NV acquired a new stake in Shoals Technologies Group during the 1st quarter valued at approximately $30,000. PNC Financial Services Group Inc. grew its stake in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after purchasing an additional 5,983 shares during the period. CIBC Asset Management Inc bought a new stake in Shoals Technologies Group in the fourth quarter worth approximately $85,000. Miller Howard Investments Inc. NY bought a new stake in Shoals Technologies Group in the first quarter worth approximately $70,000. Finally, Fifth Third Bancorp acquired a new position in Shoals Technologies Group in the first quarter valued at approximately $71,000.

Insider Activity

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.81% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Weiss Ratings upgraded Shoals Technologies Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 4th. Citigroup reiterated a “neutral” rating on shares of Shoals Technologies Group in a research report on Wednesday, July 22nd. Roth Capital reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. The Goldman Sachs Group raised their price target on shares of Shoals Technologies Group from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Finally, Barclays lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Eleven research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $10.71.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $8.73 on Wednesday. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of 45.95, a P/E/G ratio of 1.04 and a beta of 1.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.12 and a current ratio of 2.25. Shoals Technologies Group, Inc. has a 52 week low of $4.43 and a 52 week high of $13.18. The firm’s 50-day simple moving average is $9.89 and its two-hundred day simple moving average is $8.83.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.10 by $0.02. Shoals Technologies Group had a return on equity of 10.07% and a net margin of 5.41%.The business had revenue of $163.37 million for the quarter, compared to the consensus estimate of $160.03 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. Shoals Technologies Group’s revenue for the quarter was up 47.4% on a year-over-year basis. As a group, equities analysts forecast 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.