Mirae Asset Global Investments Co. Ltd. Trims Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Mirae Asset Global Investments Co. Ltd. lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 220,990 shares of the company’s stock after selling 5,723 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.13% of Shoals Technologies Group worth $3,434,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in SHLS. Alliancebernstein L.P. increased its stake in Shoals Technologies Group by 4,053.2% in the 4th quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock worth $129,634,000 after buying an additional 5,128,195 shares during the period. BlackRock Inc. increased its stake in Shoals Technologies Group by 23.6% in the 1st quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock worth $371,208,000 after buying an additional 3,112,106 shares during the period. Wellington Management Group LLP increased its position 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 valued at $183,329,000 after purchasing an additional 2,764,566 shares during the period. Norges Bank purchased a new position in Shoals Technologies Group during the 4th quarter valued at about $46,964,000. Finally, Capital Research Global Investors increased its position in Shoals Technologies Group by 107.7% during the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock valued at $59,071,000 after purchasing an additional 1,797,637 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Truist Financial reissued a “buy” rating and set a $20.00 target price (down previously from $23.00) on shares of Shoals Technologies Group in a research report on Thursday, February 29th. JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a research report on Thursday, February 29th. UBS Group cut 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 report on Friday, March 1st. Royal Bank of Canada cut their target price on shares of 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, Piper Sandler cut their target price on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.06.

Shoals Technologies Group Stock Down 0.8 %

SHLS stock opened at $8.28 on Thursday. The firm has a 50 day moving average of $12.69 and a 200 day moving average of $14.04. The stock has a market capitalization of $1.41 billion, a PE ratio of 33.12 and a beta of 1.79. 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 52 week low of $8.23 and a 52 week high of $28.34.

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). The company had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current 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.