Handelsbanken Fonder AB Has $3.71 Million Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Handelsbanken Fonder AB lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 48.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,116,318 shares of the company’s stock after selling 1,062,305 shares during the quarter. Handelsbanken Fonder AB owned about 0.67% of Shoals Technologies Group worth $3,706,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. American Trust bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $72,000. 49 Wealth Management LLC bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $74,000. State of Wyoming lifted its holdings in shares of Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company’s stock worth $84,000 after acquiring an additional 10,806 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after acquiring an additional 2,652 shares during the last quarter. Finally, Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $87,000.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.11 on Friday. The company has a market cap of $854.26 million, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.64. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $7.08. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average of $4.31 and a 200-day moving average of $4.34.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $80.36 million during the quarter, compared to the consensus estimate of $74.66 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 11.2% on a year-over-year basis. On average, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of research reports. Wolfe Research assumed coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Citigroup raised their price objective on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Guggenheim raised their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a report on Friday, May 9th. Roth Mkm dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Finally, Jefferies Financial Group dropped their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a report on Wednesday, March 12th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $8.45.

Shoals Technologies Group Company 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.