Y Intercept Hong Kong Ltd Purchases 37,008 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Y Intercept Hong Kong Ltd increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 33.6% during the third quarter, Holdings Channel reports. The firm owned 147,187 shares of the company’s stock after acquiring an additional 37,008 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in Shoals Technologies Group were worth $826,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Shoals Technologies Group by 146.9% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after buying an additional 93,400 shares during the period. Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group during the third quarter valued at $1,461,000. Handelsbanken Fonder AB increased its stake in shares of Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Finally, Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the third quarter valued at about $20,191,000.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Morgan Stanley lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 15th. Finally, Wells Fargo & Company assumed coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.31.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $4.41 on Friday. The company has a market capitalization of $735.14 million, a P/E ratio of 22.05, a PEG ratio of 0.66 and a beta of 1.69. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12 month low of $4.07 and a 12 month high of $17.50. The firm has a fifty day simple moving average of $5.06 and a 200-day simple moving average of $5.80.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 EPS. On average, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last quarter, insiders have sold 8,920 shares of company stock worth $45,863. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group 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.