Great Lakes Advisors LLC Makes New $1.61 Million Investment in Shoals Technologies Group, Inc. $SHLS

Great Lakes Advisors LLC purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the second quarter, HoldingsChannel.com reports. The fund purchased 162,410 shares of the company’s stock, valued at approximately $1,608,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. KBC Group NV acquired a new position in Shoals Technologies Group during the 1st quarter valued at approximately $30,000. PNC Financial Services Group Inc. increased its position in Shoals Technologies Group by 378.0% in the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Shoals Technologies Group in the first quarter worth $57,000. Tower Research Capital LLC TRC lifted its stake in 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 buying an additional 12,788 shares during the last quarter. Finally, Miller Howard Investments Inc. NY bought a new stake in Shoals Technologies Group in the first quarter valued at $70,000.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $7.09 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.25 and a quick ratio of 1.12. The stock has a market capitalization of $1.19 billion, a P/E ratio of 37.32, a P/E/G ratio of 0.91 and a beta of 1.93. The business has a 50-day moving average of $9.43 and a two-hundred day moving average of $8.74. Shoals Technologies Group, Inc. has a fifty-two week low of $5.43 and a fifty-two week high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 4th. The company reported $0.12 earnings per share for the quarter, topping 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 firm had revenue of $163.37 million during the quarter, compared to analyst estimates of $160.03 million. During the same period in the previous year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 47.4% on a year-over-year basis. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.34 EPS for the current fiscal year.

Analysts Set New Price Targets

SHLS has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Barclays boosted their target price 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. UBS Group lifted their target price on shares of Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Thursday, July 2nd. Finally, Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $10.71.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the sale, the insider directly 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 document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.81% of the company’s stock.

About Shoals Technologies Group

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.