CenterBook Partners LP Purchases New Stake in Shoals Technologies Group, Inc. $SHLS

CenterBook Partners LP purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 999,361 shares of the company’s stock, valued at approximately $8,495,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Shoals Technologies Group by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after acquiring an additional 404,133 shares in the last quarter. Peconic Partners LLC increased its stake in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares during the last quarter. UBS Group AG increased its stake in Shoals Technologies Group by 87.6% during the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock valued at $52,195,000 after purchasing an additional 2,867,959 shares during the last quarter. Invesco Ltd. increased its stake in Shoals Technologies Group by 13.1% during the third quarter. Invesco Ltd. now owns 5,553,821 shares of the company’s stock valued at $41,154,000 after purchasing an additional 644,379 shares during the last quarter. Finally, Erste Asset Management GmbH increased its stake in Shoals Technologies Group by 44.1% during the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock valued at $33,873,000 after purchasing an additional 1,382,999 shares during the last quarter.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research note on Wednesday, February 25th. TD Cowen reiterated a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. JPMorgan Chase & Co. boosted their target price on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Wall Street Zen lowered shares of Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, BNP Paribas Exane upgraded shares of Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 target price for the company in a research note on Wednesday, February 25th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.64.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $10.81 on Monday. The company has a 50-day simple moving average of $8.59 and a 200-day simple moving average of $8.46. The firm has a market capitalization of $1.81 billion, a P/E ratio of 54.05, a P/E/G ratio of 1.31 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. Shoals Technologies Group, Inc. has a one year low of $3.99 and a one year high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.06 by $0.01. The business had revenue of $140.56 million during the quarter, compared to analyst estimates of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The company’s quarterly revenue was up 74.4% compared to the same quarter last year. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares in the company, valued at approximately $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.81% of the company’s stock.

Shoals Technologies Group Company Profile

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.