Sumitomo Mitsui DS Asset Management Company Ltd Reduces Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui DS Asset Management Company Ltd cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 62.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 124,406 shares of the company’s stock after selling 206,229 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd owned 0.07% of Shoals Technologies Group worth $1,933,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SHLS. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock worth $183,329,000 after acquiring an additional 2,764,566 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after acquiring an additional 1,402,419 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after acquiring an additional 1,190,411 shares during the last quarter. Electron Capital Partners LLC purchased a new position in shares of Shoals Technologies Group during the third quarter worth approximately $19,324,000. Finally, FMR LLC grew its position in shares of Shoals Technologies Group by 97.4% during the third quarter. FMR LLC now owns 1,973,610 shares of the company’s stock worth $36,018,000 after acquiring an additional 974,058 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Janney Montgomery Scott started coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $24.00 price target on shares of Shoals Technologies Group in a report on Wednesday, March 13th. TD Cowen decreased their price target on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Finally, JPMorgan Chase & Co. decreased their price target on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a report on Thursday, February 29th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.94.

Shoals Technologies Group Trading Up 0.4 %

NASDAQ:SHLS opened at $8.49 on Thursday. The company has a market capitalization of $1.45 billion, a PE ratio of 33.96 and a beta of 1.79. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. Shoals Technologies Group, Inc. has a 52-week low of $8.06 and a 52-week high of $28.34. The stock has a fifty day simple moving average of $11.91 and a 200-day simple moving average of $13.77.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.04). The firm had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. On average, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Shoals Technologies Group Company Profile

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.