Pictet Asset Management Holding SA Reduces Position in Shoals Technologies Group, Inc. $SHLS

Pictet Asset Management Holding SA decreased its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 9.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,732,945 shares of the company’s stock after selling 510,530 shares during the period. Pictet Asset Management Holding SA’s holdings in Shoals Technologies Group were worth $40,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of SHLS. Vanguard Group Inc. lifted its position 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 valued at $115,550,000 after purchasing an additional 404,133 shares in the last quarter. Peconic Partners LLC increased its position in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after buying an additional 3,095,186 shares in the last quarter. UBS Group AG increased its position in Shoals Technologies Group by 87.6% in the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after buying an additional 2,867,959 shares in the last quarter. Invesco Ltd. raised its stake in shares of Shoals Technologies Group by 13.1% in the third quarter. Invesco Ltd. now owns 5,553,821 shares of the company’s stock worth $41,154,000 after buying an additional 644,379 shares during the period. Finally, Erste Asset Management GmbH lifted its position in shares of Shoals Technologies Group by 44.1% during the 3rd quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock valued at $33,873,000 after buying an additional 1,382,999 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on SHLS. Royal Bank Of Canada cut their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Morgan Stanley dropped their price target on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Wells Fargo & Company reduced their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 25th. Finally, Citigroup decreased their price objective on shares of Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating on the stock in a research report on Thursday, February 26th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.43.

Shoals Technologies Group Stock Down 4.1%

NASDAQ SHLS opened at $7.34 on Thursday. Shoals Technologies Group, Inc. has a 12 month low of $3.49 and a 12 month high of $11.36. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a market cap of $1.23 billion, a PE ratio of 36.70, a P/E/G ratio of 0.89 and a beta of 1.64. The stock’s 50 day moving average is $6.86 and its 200 day moving average is $8.40.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $148.33 million for the quarter, compared to analysts’ expectations of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The company’s quarterly revenue was up 38.6% compared to the same quarter last year. During the same period last year, the business earned $0.08 earnings per share. Research analysts predict that Shoals Technologies Group, Inc. will post 0.37 EPS for the current fiscal 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.