Viking Fund Management LLC Buys 20,000 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Viking Fund Management LLC increased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 215,000 shares of the company’s stock after acquiring an additional 20,000 shares during the period. Viking Fund Management LLC owned about 0.13% of Shoals Technologies Group worth $1,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd raised its stake in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock worth $54,000 after buying an additional 2,638 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter worth $54,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group in the 2nd quarter worth $64,000. American Trust purchased a new stake in shares of Shoals Technologies Group in the second quarter valued at about $68,000. Finally, Versor Investments LP bought a new position in shares of Shoals Technologies Group during the second quarter valued at about $80,000.

Analysts Set New Price Targets

Several research firms recently weighed in on SHLS. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Roth Mkm lowered their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Oppenheimer dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Northland Securities lowered their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.08.

Shoals Technologies Group Stock Performance

SHLS traded up $0.16 during midday trading on Friday, hitting $5.31. 3,384,894 shares of the company traded hands, compared to its average volume of 4,988,172. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average is $5.59 and its 200 day moving average is $6.94. Shoals Technologies Group, Inc. has a 52 week low of $4.85 and a 52 week high of $17.79. The firm has a market capitalization of $884.91 million, a PE ratio of 37.93, a price-to-earnings-growth ratio of 0.76 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The business had revenue of $99.25 million during the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The company’s revenue was down 16.7% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. On average, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS 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.