SummitTX Capital L.P. Purchases Shares of 239,142 Shoals Technologies Group, Inc. $SHLS

SummitTX Capital L.P. acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the first quarter, HoldingsChannel reports. The fund acquired 239,142 shares of the company’s stock, valued at approximately $1,574,000.

Several other institutional investors also recently modified their holdings of the company. KBC Group NV acquired a new stake in Shoals Technologies Group in the 1st quarter valued at about $30,000. GAMMA Investing LLC grew its holdings in Shoals Technologies Group by 57.7% during the fourth quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock worth $32,000 after purchasing an additional 1,375 shares during the period. PNC Financial Services Group Inc. increased its position in Shoals Technologies Group by 378.0% during the first quarter. PNC Financial Services Group Inc. now owns 7,566 shares of the company’s stock worth $50,000 after buying an additional 5,983 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Shoals Technologies Group during the first quarter worth approximately $57,000. Finally, Tower Research Capital LLC TRC raised its stake in Shoals Technologies Group by 468.3% in the second quarter. Tower Research Capital LLC TRC now owns 15,519 shares of the company’s stock valued at $66,000 after buying an additional 12,788 shares during the period.

Insiders Place Their Bets

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Dominic Bardos sold 54,449 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer owned 394,979 shares in the company, valued at $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. Corporate insiders own 0.81% of the company’s stock.

Shoals Technologies Group Trading Down 7.0%

Shares of NASDAQ:SHLS opened at $7.94 on Thursday. Shoals Technologies Group, Inc. has a 12-month low of $4.43 and a 12-month high of $13.18. The stock has a market cap of $1.33 billion, a PE ratio of 39.70, a P/E/G ratio of 1.04 and a beta of 1.90. The business has a 50 day moving average of $10.32 and a 200-day moving average of $8.85. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SHLS. UBS Group raised their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Barclays increased their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 price target on shares of Shoals Technologies Group in a report on Wednesday, May 6th. Roth Capital reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Thursday, July 2nd. Finally, Jefferies Financial Group upped their price objective on shares of Shoals Technologies Group from $10.00 to $12.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Ten investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average price target of $10.46.

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.