Raymond James & Associates Sells 8,258 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) (2024)

Raymond James & Associates trimmed its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 171,714 shares of the company’s stock after selling 8,258 shares during the period. Raymond James & Associates owned about 0.10% of Shoals Technologies Group worth $2,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its holdings in Shoals Technologies Group by 93.1% during the 4th quarter. SG Americas Securities LLC now owns 74,496 shares of the company’s stock worth $1,158,000 after acquiring an additional 35,923 shares in the last quarter. Tealwood Asset Management Inc. grew its holdings in Shoals Technologies Group by 75.1% during the 4th quarter. Tealwood Asset Management Inc. now owns 71,086 shares of the company’s stock worth $1,105,000 after acquiring an additional 30,481 shares in the last quarter. Renaissance Capital LLC grew its holdings in Shoals Technologies Group by 26.5% during the 4th quarter. Renaissance Capital LLC now owns 108,623 shares of the company’s stock worth $1,688,000 after acquiring an additional 22,727 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in Shoals Technologies Group by 24.2% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 75,853 shares of the company’s stock worth $1,384,000 after acquiring an additional 14,759 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in 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 worth $183,329,000 after acquiring an additional 2,764,566 shares in the last quarter.

Shoals Technologies Group Stock Performance

SHLS opened at $9.17 on Monday. Shoals Technologies Group, Inc. has a 12-month low of $9.09 and a 12-month high of $28.34. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.56 billion, a PE ratio of 36.68 and a beta of 1.79. The firm has a 50 day moving average of $13.06 and a two-hundred day moving average of $14.23.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) 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 business had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SHLS. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price target on the stock. Mizuho restated a “buy” rating and issued a $18.00 price target (down from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. The Goldman Sachs Group lowered their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $24.00 price target on shares of Shoals Technologies Group in a report on Wednesday, March 13th. Finally, Truist Financial restated a “buy” rating and issued a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $21.06.

Check Out Our Latest Stock Report on Shoals Technologies Group

About Shoals Technologies Group

(Free Report)

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.

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