Impax Asset Management Group plc Raises Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Impax Asset Management Group plc raised its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 19.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,533,377 shares of the company’s stock after purchasing an additional 249,582 shares during the period. Impax Asset Management Group plc owned approximately 0.92% of Shoals Technologies Group worth $8,602,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in SHLS. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group in the 2nd quarter worth $64,000. American Trust purchased a new position in shares of Shoals Technologies Group in the 2nd quarter worth $68,000. Versor Investments LP purchased a new position in shares of Shoals Technologies Group in the 2nd quarter worth $80,000. Finally, Pallas Capital Advisors LLC purchased a new position in shares of Shoals Technologies Group in the 2nd quarter worth $90,000.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of research reports. Northland Securities dropped their price target on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Wells Fargo & Company initiated coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price target on the stock. JPMorgan Chase & Co. dropped their price target on 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. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $4.56 on Friday. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The business’s 50-day simple moving average is $5.54 and its two-hundred day simple moving average is $6.21. The stock has a market cap of $759.91 million, a PE ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73. Shoals Technologies Group, Inc. has a 52 week low of $4.53 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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 business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.28 EPS for the current fiscal year.

About Shoals Technologies Group

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.