Heartland Advisors Inc. Makes New Investment in Shoals Technologies Group, Inc. $SHLS

Heartland Advisors Inc. acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,056,175 shares of the company’s stock, valued at approximately $6,950,000. Heartland Advisors Inc. owned about 0.63% of Shoals Technologies Group as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after buying an additional 404,133 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Shoals Technologies Group by 151.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after acquiring an additional 7,685,515 shares in the last quarter. Peconic Partners LLC boosted its holdings in Shoals Technologies Group by 79.8% during the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after acquiring an additional 3,095,186 shares during the last quarter. First Trust Advisors LP boosted its holdings in Shoals Technologies Group by 1,493.0% during the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after acquiring an additional 5,934,223 shares during the last quarter. Finally, UBS Group AG grew its stake in shares of Shoals Technologies Group by 87.6% in the 4th quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after acquiring an additional 2,867,959 shares in the last quarter.

Insider Activity

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at $1,029,736.38. This represents a 9.18% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the sale, the chief financial officer owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.81% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on SHLS. Weiss Ratings upgraded shares of Shoals Technologies Group from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, July 6th. Guggenheim restated a “buy” rating on shares of Shoals Technologies Group in a report on Friday, May 22nd. Jefferies Financial Group upped their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday. Wells Fargo & Company increased their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Finally, Citigroup lifted their target price on shares of Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Ten research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.31.

Shoals Technologies Group Stock Down 2.2%

Shares of NASDAQ:SHLS opened at $10.30 on Friday. Shoals Technologies Group, Inc. has a 1 year low of $4.43 and a 1 year high of $13.18. The company has a market capitalization of $1.72 billion, a PE ratio of 51.50, a price-to-earnings-growth ratio of 1.25 and a beta of 1.90. The business has a fifty day moving average price of $10.32 and a two-hundred day moving average price of $8.82. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $140.56 million for the quarter, compared to analysts’ expectations of $129.16 million. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm’s revenue was up 74.4% compared to the same quarter last year. Analysts forecast that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.