Magnetar Financial LLC Decreases Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Magnetar Financial LLC decreased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 64.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 33,750 shares of the company’s stock after selling 62,389 shares during the period. Magnetar Financial LLC’s holdings in Shoals Technologies Group were worth $377,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Shoals Technologies Group by 59.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after acquiring an additional 130,434 shares during the last quarter. Clearbridge Investments LLC raised its holdings in Shoals Technologies Group by 2.7% in the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after acquiring an additional 233,377 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Shoals Technologies Group by 423.6% during the 4th quarter. Eagle Asset Management Inc. now owns 1,185,118 shares of the company’s stock worth $18,417,000 after buying an additional 958,793 shares during the last quarter. Handelsbanken Fonder AB increased its holdings in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after buying an additional 1,894,560 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Shoals Technologies Group by 32.9% during the 4th quarter. First Trust Advisors LP now owns 2,178,531 shares of the company’s stock worth $33,854,000 after buying an additional 538,908 shares during the last quarter.

Shoals Technologies Group Stock Performance

SHLS traded down $0.07 on Monday, reaching $6.66. The company had a trading volume of 186,201 shares, compared to its average volume of 4,782,434. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.13 billion, a PE ratio of 37.39 and a beta of 1.76. Shoals Technologies Group, Inc. has a 1 year low of $5.69 and a 1 year high of $27.03. The stock has a 50-day moving average price of $6.83 and a 200-day moving average price of $10.05.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The company had revenue of $90.81 million for the quarter, compared to analyst estimates of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHLS. 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. Barclays cut their price target on shares of Shoals Technologies Group from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Thursday, July 18th. Citigroup downgraded shares of Shoals Technologies Group from a “buy” rating to a “sell” rating and cut their price target for the stock from $15.00 to $5.00 in a report on Tuesday, July 2nd. UBS Group cut their price target on shares of Shoals Technologies Group from $20.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Roth Capital downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average target price of $15.06.

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.