Picton Mahoney Asset Management Buys Shares of 25,910 Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Picton Mahoney Asset Management purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 25,910 shares of the company’s stock, valued at approximately $403,000.

A number of other hedge funds have also recently added to or reduced their stakes in SHLS. Wellington Management Group LLP increased its holdings in shares of Shoals Technologies Group by 38.0% during the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after acquiring an additional 2,764,566 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Shoals Technologies Group by 2.6% in the third quarter. Clearbridge Investments LLC now owns 8,743,607 shares of the company’s stock valued at $159,571,000 after purchasing an additional 222,249 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after buying an additional 1,402,419 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Shoals Technologies Group by 25.1% during the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after buying an additional 1,190,411 shares during the period. Finally, Handelsbanken Fonder AB grew its stake in Shoals Technologies Group by 301.5% in the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares during the last quarter.

Shoals Technologies Group Stock Performance

SHLS stock opened at $7.51 on Thursday. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33. Shoals Technologies Group, Inc. has a twelve month low of $7.27 and a twelve month high of $28.34. The business’s fifty day moving average is $10.50 and its 200-day moving average is $13.25. The company has a market cap of $1.28 billion, a P/E ratio of 30.04 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The firm had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.5 EPS for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of recent analyst reports. Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Janney Montgomery Scott initiated coverage on shares of Shoals Technologies Group in a research report on Friday, January 19th. They issued a “buy” rating and a $20.00 price target for the company. UBS Group reduced their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research note on Friday, March 1st. Piper Sandler decreased their price target on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Roth Capital lowered Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.06.

Shoals Technologies Group 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.