Assenagon Asset Management S.A. Has $3.52 Million Stake in Shoals Technologies Group, Inc. $SHLS

Assenagon Asset Management S.A. lifted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 148.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 414,545 shares of the company’s stock after buying an additional 247,721 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Shoals Technologies Group were worth $3,524,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ruffer LLP bought a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at about $2,735,000. Mercuria Capital Strategies LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $2,223,000. Erste Asset Management GmbH grew its position in shares of Shoals Technologies Group by 44.1% during the 3rd quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock worth $33,873,000 after buying an additional 1,382,999 shares during the period. Financial Enhancement Group LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at $832,000. Finally, American Century Companies Inc. lifted its position in shares of Shoals Technologies Group by 128.3% during the 2nd quarter. American Century Companies Inc. now owns 2,754,266 shares of the company’s stock valued at $11,706,000 after acquiring an additional 1,548,094 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Guggenheim decreased their price target on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. BNP Paribas Exane raised Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price target on the stock in a research note on Wednesday, February 25th. Royal Bank Of Canada reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research report on Monday, February 9th. Finally, Wells Fargo & Company reduced their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. Ten equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and an average price target of $9.57.

Shoals Technologies Group Price Performance

SHLS stock opened at $6.62 on Monday. The firm has a market capitalization of $1.11 billion, a PE ratio of 33.10, a P/E/G ratio of 0.92 and a beta of 1.77. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 0.23. Shoals Technologies Group, Inc. has a twelve month low of $2.92 and a twelve month high of $11.36. The stock’s 50 day moving average is $8.13 and its 200-day moving average is $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.04). Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The company had revenue of $148.33 million for the quarter, compared to the consensus estimate of $144.52 million. During the same quarter last year, the business posted $0.08 earnings per share. Shoals Technologies Group’s revenue was up 38.6% on a year-over-year basis. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.