Corbyn Investment Management Inc. MD Buys 10,975 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Corbyn Investment Management Inc. MD lifted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 155,778 shares of the company’s stock after purchasing an additional 10,975 shares during the quarter. Corbyn Investment Management Inc. MD owned 0.09% of Shoals Technologies Group worth $874,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Shoals Technologies Group by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after purchasing an additional 171,273 shares in the last quarter. Joho Capital LLC increased its holdings in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares during the period. Millennium Management LLC raised its position in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after buying an additional 2,442,227 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Finally, Swedbank AB purchased a new position in Shoals Technologies Group during the first quarter worth about $25,268,000.

Analyst Upgrades and Downgrades

SHLS has been the subject of a number of research analyst reports. Truist Financial dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Oppenheimer decreased their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Northland Securities dropped their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Jefferies Financial Group initiated coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price for the company. Finally, BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $11.92.

Shoals Technologies Group Trading Down 12.6 %

NASDAQ:SHLS opened at $4.56 on Monday. The firm has a market capitalization of $759.92 million, a P/E ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73. Shoals Technologies Group, Inc. has a 52 week low of $4.53 and a 52 week high of $17.50. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average of $5.54 and a 200 day moving average of $6.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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 return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. On average, research analysts predict that Shoals Technologies Group, Inc. will post 0.28 earnings per share 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.