Impax Asset Management Group plc Increases Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Impax Asset Management Group plc grew its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 126.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 3,469,360 shares of the company’s stock after buying an additional 1,935,983 shares during the quarter. Impax Asset Management Group plc’s holdings in Shoals Technologies Group were worth $19,083,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the period. Point72 Asset Management L.P. increased its position in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the period. Franklin Resources Inc. raised its stake in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after buying an additional 658,617 shares in the last quarter. Erste Asset Management GmbH bought a new position in Shoals Technologies Group in the third quarter worth about $20,191,000. Finally, Verition Fund Management LLC lifted its holdings in Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after buying an additional 2,034,291 shares during the period.

Shoals Technologies Group Trading Down 0.9 %

Shares of NASDAQ:SHLS opened at $4.48 on Tuesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a 1 year low of $3.83 and a 1 year high of $16.19. The company has a market cap of $746.82 million, a P/E ratio of 22.40, a PEG ratio of 0.52 and a beta of 1.62. The stock’s fifty day moving average price is $4.92 and its 200-day moving average price is $5.18.

Analyst Ratings Changes

Several brokerages have recently issued reports on SHLS. The Goldman Sachs Group decreased their target price on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Oppenheimer decreased their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Piper Sandler dropped their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target for the company in a research note on Tuesday, December 17th. Finally, Truist Financial dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.48.

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.