Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Nikko Asset Management Americas Inc.

Nikko Asset Management Americas Inc. cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 6.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 38,020 shares of the company’s stock after selling 2,428 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Shoals Technologies Group were worth $425,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. ANTIPODES PARTNERS Ltd purchased a new position in Shoals Technologies Group in the 4th quarter valued at about $33,000. iA Global Asset Management Inc. purchased a new position in Shoals Technologies Group in the 3rd quarter valued at about $102,000. Olympiad Research LP purchased a new position in Shoals Technologies Group in the 4th quarter valued at about $167,000. Glenmede Trust Co. NA purchased a new position in Shoals Technologies Group in the 3rd quarter valued at about $206,000. Finally, PNC Financial Services Group Inc. lifted its stake in Shoals Technologies Group by 14.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after buying an additional 1,429 shares in the last quarter.

Shoals Technologies Group Trading Up 2.6 %

Shoals Technologies Group stock traded up $0.16 during trading on Tuesday, hitting $6.24. The company had a trading volume of 5,554,170 shares, compared to its average volume of 4,783,311. Shoals Technologies Group, Inc. has a 1-year low of $5.69 and a 1-year high of $28.34. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. The company’s 50 day simple moving average is $7.10 and its 200-day simple moving average is $10.81. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 34.67 and a beta of 1.76.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. The firm had revenue of $90.81 million during the quarter, compared to the consensus estimate of $94.44 million. As a group, analysts expect that Shoals Technologies Group, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

SHLS has been the topic of a number of research reports. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “outperform” rating on the stock in a research note on Monday. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research note on Tuesday, May 7th. Roth Mkm lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Northland Securities reissued an “underperform” rating and issued a $6.00 target price (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, May 8th. Finally, Barclays decreased their target price on shares of Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 9th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.82.

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.