KBC Group NV Sells 330,971 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

KBC Group NV lessened its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 62.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 197,489 shares of the company’s stock after selling 330,971 shares during the quarter. KBC Group NV owned approximately 0.12% of Shoals Technologies Group worth $1,108,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after buying an additional 171,273 shares during the period. Joho Capital LLC grew its holdings in Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares during the period. Millennium Management LLC raised its position in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter. Handelsbanken Fonder AB raised its position in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after acquiring an additional 690,344 shares in the last quarter. Finally, Swedbank AB acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at about $25,268,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Roth Capital lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Piper Sandler lifted their price target on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. UBS Group dropped their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Northland Securities reduced their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Three investment 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 MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.92.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $4.26 on Tuesday. Shoals Technologies Group, Inc. has a 1-year low of $4.22 and a 1-year high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The stock has a market cap of $709.93 million, a PE ratio of 21.30, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73. The stock’s fifty day simple moving average is $5.51 and its two-hundred day simple moving average is $6.14.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 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 $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. 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.