SCP Investment LP Has $498,000 Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

SCP Investment LP increased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 208.3% during the third quarter, HoldingsChannel reports. The institutional investor owned 88,800 shares of the company’s stock after acquiring an additional 60,000 shares during the period. SCP Investment LP’s holdings in Shoals Technologies Group were worth $498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $54,000. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group during the third quarter worth $60,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the second quarter valued at about $64,000. American Trust acquired a new stake in shares of Shoals Technologies Group in the second quarter worth about $68,000. Finally, Versor Investments LP bought a new stake in shares of Shoals Technologies Group during the 2nd quarter worth about $80,000.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $4.15 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $5.47 and a 200 day moving average price of $6.11. The firm has a market capitalization of $691.58 million, a PE ratio of 20.75, a price-to-earnings-growth ratio of 0.67 and a beta of 1.73. Shoals Technologies Group, Inc. has a 12-month low of $4.14 and a 12-month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.16 earnings per share. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.28 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Barclays reduced their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday, November 13th. JPMorgan Chase & Co. decreased their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Finally, Roth Mkm lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $11.92.

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.