SCP Investment LP Acquires New Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

SCP Investment LP bought a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 44,600 shares of the company’s stock, valued at approximately $763,000. Shoals Technologies Group comprises 0.7% of SCP Investment LP’s portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management acquired a new position in Shoals Technologies Group during the 4th quarter worth $403,000. Charles Schwab Investment Management Inc. raised its position in shares of Shoals Technologies Group by 1.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,365,057 shares of the company’s stock valued at $21,213,000 after buying an additional 20,727 shares during the last quarter. Duff & Phelps Investment Management Co. raised its position in shares of Shoals Technologies Group by 41.1% during the fourth quarter. Duff & Phelps Investment Management Co. now owns 27,524 shares of the company’s stock valued at $428,000 after buying an additional 8,021 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Shoals Technologies Group by 57,193.0% during the fourth quarter. Russell Investments Group Ltd. now owns 89,950 shares of the company’s stock valued at $1,398,000 after buying an additional 89,793 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Shoals Technologies Group by 43.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 180,948 shares of the company’s stock valued at $2,812,000 after buying an additional 54,767 shares during the last quarter.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock traded up $0.17 during midday trading on Thursday, hitting $7.68. 5,620,186 shares of the company traded hands, compared to its average volume of 3,975,828. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 30.20 and a beta of 1.86. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The firm’s fifty day moving average price is $10.50 and its 200-day moving average price is $13.25. Shoals Technologies Group, Inc. has a 12 month low of $7.27 and a 12 month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. 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. UBS Group dropped their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Roth Capital cut Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday. Oppenheimer reduced their target price on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. Finally, Royal Bank of Canada cut their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.00.

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.