Electron Capital Partners LLC Has $33.39 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Electron Capital Partners LLC grew its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 102.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,148,680 shares of the company’s stock after buying an additional 1,089,848 shares during the quarter. Shoals Technologies Group accounts for about 1.4% of Electron Capital Partners LLC’s holdings, making the stock its 23rd biggest position. Electron Capital Partners LLC owned approximately 1.26% of Shoals Technologies Group worth $33,390,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ANTIPODES PARTNERS Ltd bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $33,000. iA Global Asset Management Inc. purchased a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $102,000. Olympiad Research LP bought a new stake in shares of Shoals Technologies Group during the 4th quarter worth $167,000. PNC Financial Services Group Inc. boosted its holdings in shares of Shoals Technologies Group by 49.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after buying an additional 3,394 shares during the last quarter. Finally, Glenmede Trust Co. NA bought a new position in Shoals Technologies Group during the third quarter valued at about $206,000.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SHLS. Cantor Fitzgerald reduced their target price on Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. TD Cowen lowered their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Piper Sandler cut their price target on shares of Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Mizuho decreased their price target on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Finally, Barclays dropped their price objective on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $17.29.

Shoals Technologies Group Trading Down 4.6 %

SHLS stock traded down $0.31 during trading on Friday, hitting $6.48. 7,750,247 shares of the company traded hands, compared to its average volume of 6,652,715. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.87 and a current ratio of 2.62. The company has a 50-day moving average of $7.97 and a 200-day moving average of $11.82. The firm has a market capitalization of $1.10 billion, a PE ratio of 36.00 and a beta of 1.81. Shoals Technologies Group, Inc. has a 1 year low of $6.28 and a 1 year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. The company had revenue of $90.81 million for the quarter, compared to the consensus estimate of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. Analysts predict that Shoals Technologies Group, Inc. will post 0.44 earnings per share for the current fiscal year.

About 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.