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

Impax Asset Management Group plc grew its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 19.4% in the third quarter, HoldingsChannel reports. The firm owned 1,533,377 shares of the company’s stock after buying an additional 249,582 shares during the quarter. Impax Asset Management Group plc’s holdings in Shoals Technologies Group were worth $8,602,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Joho Capital LLC grew its position in Shoals Technologies Group by 111.6% in the first 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 in the last quarter. Millennium Management LLC raised its stake in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the period. Swedbank AB bought a new stake in shares of Shoals Technologies Group in the 1st quarter worth about $25,268,000. Federated Hermes Inc. boosted its stake in shares of Shoals Technologies Group by 8,389.5% during the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock worth $7,628,000 after purchasing an additional 1,208,082 shares during the period. Finally, M&G Plc bought a new position in Shoals Technologies Group during the 2nd quarter valued at about $7,021,000.

Analyst Ratings Changes

SHLS has been the subject of several analyst reports. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Morgan Stanley cut their price objective on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $4.56 on Friday. The firm has a 50 day moving average of $5.54 and a 200 day moving average of $6.21. 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 company has a market capitalization of $759.91 million, a price-to-earnings ratio of 22.80, a price-to-earnings-growth 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 released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue was down 23.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.28 earnings per share 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.