Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Viking Fund Management LLC

Viking Fund Management LLC increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 33.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,000 shares of the company’s stock after buying an additional 40,000 shares during the quarter. Viking Fund Management LLC owned about 0.09% of Shoals Technologies Group worth $1,789,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. ANTIPODES PARTNERS Ltd acquired a new position in shares of Shoals Technologies Group in the fourth quarter worth about $33,000. iA Global Asset Management Inc. purchased a new stake in shares of Shoals Technologies Group in the third quarter valued at $102,000. PNC Financial Services Group Inc. boosted its position in shares of Shoals Technologies Group by 49.8% in the third quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock worth $186,000 after buying an additional 3,394 shares during the period. Olympiad Research LP purchased a new position in shares of Shoals Technologies Group during the fourth quarter valued at $167,000. Finally, Glenmede Trust Co. NA acquired a new position in Shoals Technologies Group during the third quarter valued at $206,000.

Shoals Technologies Group Stock Performance

SHLS traded up $0.20 on Thursday, hitting $6.48. 3,718,968 shares of the stock traded hands, compared to its average volume of 4,719,559. The business has a fifty day moving average price of $7.51 and a two-hundred day moving average price of $11.41. The company has a current ratio of 2.62, a quick ratio of 1.87 and a debt-to-equity ratio of 0.30. Shoals Technologies Group, Inc. has a 52 week low of $6.09 and a 52 week high of $28.34. The firm has a market capitalization of $1.10 billion, a PE ratio of 34.89 and a beta of 1.81.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, May 7th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. The business had revenue of $90.81 million during the quarter, compared to analyst estimates of $94.44 million. On average, research analysts predict that Shoals Technologies Group, Inc. will post 0.44 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on SHLS shares. Piper Sandler decreased their price objective on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research report on Wednesday, May 8th. Oppenheimer cut their target price on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. JPMorgan Chase & Co. lowered their price target on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating on the stock in a report on Thursday, February 29th. TD Cowen cut their price objective on Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, May 8th. Finally, Northland Securities reaffirmed an “underperform” rating and issued a $6.00 target price (down from $12.00) on shares of Shoals Technologies Group in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $17.29.

Shoals Technologies Group Profile

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.