Daiwa Securities Group Inc. Makes New Investment in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Daiwa Securities Group Inc. acquired a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 83,900 shares of the company’s stock, valued at approximately $1,304,000.

Other institutional investors have also recently made changes to their positions in the company. Assetmark Inc. boosted its stake in shares of Shoals Technologies Group by 92.7% during the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after purchasing an additional 765 shares during the period. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at approximately $33,000. Exchange Traded Concepts LLC purchased a new stake in shares of Shoals Technologies Group during the third quarter valued at approximately $48,000. Headlands Technologies LLC boosted its stake in shares of Shoals Technologies Group by 101.4% during the third quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock valued at $81,000 after purchasing an additional 2,245 shares during the period. Finally, Trium Capital LLP purchased a new stake in shares of Shoals Technologies Group during the third quarter valued at approximately $93,000.

Shoals Technologies Group Price Performance

SHLS opened at $8.46 on Wednesday. Shoals Technologies Group, Inc. has a 12-month low of $8.06 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 stock has a fifty day simple moving average of $12.06 and a two-hundred day simple moving average of $13.81. The company has a market cap of $1.44 billion, a price-to-earnings ratio of 33.84 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. The company had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Research analysts predict that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on SHLS. Oppenheimer dropped their price objective on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research note on Thursday, February 29th. Mizuho dropped their price target on Shoals Technologies Group from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, April 19th. UBS Group dropped their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research note on Friday, March 1st. Finally, Piper Sandler dropped their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.94.

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.