Zurcher Kantonalbank Zurich Cantonalbank Has $580,000 Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Zurcher Kantonalbank Zurich Cantonalbank reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 33.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 103,329 shares of the company’s stock after selling 52,140 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Shoals Technologies Group worth $580,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter. Handelsbanken Fonder AB increased its position in shares of Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 shares during the last quarter. Impax Asset Management Group plc raised its stake in shares of Shoals Technologies Group by 19.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock worth $8,602,000 after purchasing an additional 249,582 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Shoals Technologies Group by 8,389.5% in the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after buying an additional 1,208,082 shares during the last quarter. Finally, M&G PLC grew its stake in shares of Shoals Technologies Group by 2.9% in the third quarter. M&G PLC now owns 1,204,642 shares of the company’s stock valued at $7,228,000 after buying an additional 34,428 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Bank of America began coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Finally, TD Cowen boosted their target price on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.31.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss bought 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 8,920 shares of company stock valued at $45,863 over the last ninety days. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $4.53 on Friday. The firm’s 50 day simple moving average is $5.13 and its 200 day simple moving average is $5.91. The firm has a market capitalization of $755.15 million, a price-to-earnings ratio of 22.65, a P/E/G ratio of 0.71 and a beta of 1.69. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the prior year, the business posted $0.16 EPS. The company’s revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal 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.