Encompass Capital Advisors LLC Takes Position in Shoals Technologies Group, Inc. $SHLS

Encompass Capital Advisors LLC acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the second quarter, according to its most recent 13F filing with the SEC. The firm acquired 13,204,602 shares of the company’s stock, valued at approximately $56,120,000. Shoals Technologies Group accounts for 2.0% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 15th biggest holding. Encompass Capital Advisors LLC owned 7.90% of Shoals Technologies Group at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its position in shares of Shoals Technologies Group by 449.1% during the second quarter. Nisa Investment Advisors LLC now owns 7,226 shares of the company’s stock worth $31,000 after purchasing an additional 5,910 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in shares of Shoals Technologies Group in the 1st quarter valued at approximately $44,000. Virtu Financial LLC bought a new position in shares of Shoals Technologies Group in the 1st quarter worth about $46,000. Savant Capital LLC acquired a new position in Shoals Technologies Group in the second quarter valued at approximately $50,000. Finally, FORA Capital LLC acquired a new stake in Shoals Technologies Group in the first quarter worth $51,000.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on SHLS. Weiss Ratings reissued a “hold (c)” rating on shares of Shoals Technologies Group in a research note on Tuesday, October 14th. Morgan Stanley boosted their price objective on Shoals Technologies Group from $7.00 to $11.00 and gave the stock an “overweight” rating in a report on Thursday, October 16th. Roth Capital reiterated a “buy” rating and set a $15.00 price target (up previously from $10.00) on shares of Shoals Technologies Group in a report on Wednesday, November 5th. Guggenheim lifted their target price on shares of Shoals Technologies Group from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen cut shares of Shoals Technologies Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 17th. Thirteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.84.

Insiders Place Their Bets

In other Shoals Technologies Group news, CFO Dominic Bardos sold 4,170 shares of the company’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $7.83, for a total value of $32,651.10. Following the sale, the chief financial officer directly owned 412,289 shares in the company, valued at $3,228,222.87. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group Stock Down 7.7%

Shares of SHLS opened at $8.85 on Friday. The firm has a market capitalization of $1.48 billion, a P/E ratio of 44.25, a P/E/G ratio of 1.19 and a beta of 1.71. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.53 and a current ratio of 2.19. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $11.36. The company has a 50-day simple moving average of $9.03 and a 200-day simple moving average of $6.99.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 4th. The company reported $0.12 EPS for the quarter, hitting the consensus estimate of $0.12. The firm had revenue of $135.80 million during the quarter, compared to analysts’ expectations of $131.37 million. Shoals Technologies Group had a return on equity of 8.50% and a net margin of 7.66%. On average, equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 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.