Bank of America Corp DE Increases Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bank of America Corp DE grew its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 106.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 262,788 shares of the company’s stock after buying an additional 135,673 shares during the quarter. Bank of America Corp DE owned 0.16% of Shoals Technologies Group worth $9,329,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Shoals Technologies Group by 53.3% in the 2nd quarter. BlackRock Inc. now owns 18,088,351 shares of the company’s stock valued at $642,136,000 after buying an additional 6,290,835 shares during the period. Vanguard Group Inc. boosted its stake in shares of Shoals Technologies Group by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 7,578,151 shares of the company’s stock valued at $269,024,000 after buying an additional 115,608 shares during the period. Clearbridge Investments LLC purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at about $221,369,000. UBS Asset Management Americas Inc. purchased a new position in shares of Shoals Technologies Group in the 2nd quarter valued at about $113,911,000. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Shoals Technologies Group by 24.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,717,435 shares of the company’s stock valued at $60,969,000 after buying an additional 338,042 shares during the period. Institutional investors and hedge funds own 98.85% of the company’s stock.

Shares of SHLS stock opened at $30.16 on Thursday. The business’s 50 day moving average is $30.26 and its two-hundred day moving average is $30.09. Shoals Technologies Group, Inc. has a twelve month low of $20.94 and a twelve month high of $44.04.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 9th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a negative return on equity of 78.16% and a net margin of 4.14%. The company had revenue of $59.84 million for the quarter, compared to the consensus estimate of $62.03 million. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.26 EPS for the current year.

Several brokerages have recently weighed in on SHLS. Barclays cut their target price on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 10th. Truist Securities began coverage on Shoals Technologies Group in a research report on Friday, October 15th. They set a “hold” rating and a $34.00 target price on the stock. Guggenheim lowered Shoals Technologies Group from a “buy” rating to a “neutral” rating in a research report on Wednesday, October 20th. Roth Capital cut their target price on Shoals Technologies Group from $44.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, November 10th. Finally, Truist assumed coverage on Shoals Technologies Group in a research report on Friday, October 15th. They set a “hold” rating and a $34.00 price target on the stock. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $39.00.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It offers EBOS components, such as cable assemblies, inline fuses, combiners, recombiners, disconnects, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes that carry the electric current produced by solar panels to an inverter and to the power grid.

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Institutional Ownership by Quarter for Shoals Technologies Group (NASDAQ:SHLS)

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