SCP Investment LP Invests $763,000 in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

SCP Investment LP purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 4th quarter, HoldingsChannel reports. The fund purchased 44,600 shares of the company’s stock, valued at approximately $763,000. Shoals Technologies Group accounts for about 0.7% of SCP Investment LP’s holdings, making the stock its 12th biggest position.

Other large investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its position 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 buying an additional 2,764,566 shares in the last quarter. Clearbridge Investments LLC increased its position in shares of Shoals Technologies Group by 2.6% during the 3rd 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 last quarter. JPMorgan Chase & Co. increased its position in shares of Shoals Technologies Group by 28.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. William Blair Investment Management LLC increased its position 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 valued at $108,310,000 after purchasing an additional 1,190,411 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in shares of Shoals Technologies Group by 301.5% during the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after purchasing an additional 1,894,560 shares during the last quarter.

Shoals Technologies Group Stock Up 2.2 %

Shares of SHLS traded up $0.17 during midday trading on Thursday, hitting $7.68. 5,620,186 shares of the company’s stock traded hands, compared to its average volume of 3,975,828. Shoals Technologies Group, Inc. has a 1 year low of $7.27 and a 1 year high of $28.34. The firm’s fifty day moving average is $10.50 and its 200-day moving average is $13.25. 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 stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 30.20 and a beta of 1.86.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 28th. The company reported $0.11 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 company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. As a group, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SHLS. Oppenheimer cut their target price on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Northland Securities reaffirmed an “underperform” rating and issued a $6.00 price objective (down previously from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday. Barclays cut their price objective on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday. Royal Bank of Canada cut their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group cut their price objective on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. 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. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus price target of $18.00.

Shoals Technologies Group Company 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.