Vahanian & Associates Financial Planning Inc. has recently purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) according to the company’s latest Form 13F filing with the SEC. This institutional investor bought a whopping 25,547 shares of SHLS at an approximate value of $630,000. The acquisition is noteworthy since it brings Shoals Technologies Group up to the 15th largest holding for Vahanian & Associates Financial Planning Inc., representing approximately 2.1% of the portfolio.
Shoals Technologies Group is known for its innovative electrical balance of system (EBOS) solutions for solar energy projects throughout the United States. The company produces a variety of components including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions and IV curve benchmarking devices.
Despite news of Vahanian & Associates Financial Planning Inc.’s purchase lifting share prices initially, SHLS stock traded down $0.75 to reach $22.51 on Friday with a trading volume of 137,903 shares – down from its average daily trading volume of 3,079,911 shares. The stock still boasts a market cap of $3.82 billion with a P/E ratio of 28.02 and beta score of 2.11.
Shoals Technologies Group has demonstrated strong performance over the past year leading up to this recent acquisition by Vahanian & Associates Financial Planning Inc., experiencing a low point in January at just $9.58 per share and climbing to as high as $32.43 within the past twelve months.
Overall, Shoals Technologies Group’s reputation and record indicate that it may be worth keeping an eye on moving forward as it continues to innovate within the renewables sector through its EBOS solutions – not only attracting attention from investors but helping to shift the tides of global energy consumption.
Institutional Investors Show Increased Interest in Shoals Technologies Group Despite Mixed Views on Potential
Shoals Technologies Group, a leading energy efficiency technology firm, has recently seen increased interest from institutional investors. According to recent data, several institutional investors have made significant changes to their positions in the company. Capital Research Global Investors increased its position by 107.7% during the first quarter, while Goldman Sachs Group Inc. and Allspring Global Investments Holdings LLC both increased their positions by more than 60%. State Street Corp and Macquarie Group Ltd. also made significant investments in Shoals Technologies Group during the second and third quarters, respectively.
While institutional investment is good news for Shoals Technologies Group, recent research reports have shown a mixed view of the company’s potential. While Cowen has given it an “outperform” rating, Barclays reduced its target price on Shoals Technologies Group from $30 to $27 earlier this year. Citigroup started coverage on the company with a “buy” rating and a $34 target price, while Goldman Sachs raised it from a “sell” rating to a “neutral” rating and lifted its target price from $20 to $22.
In other news related to the company, President Jeffery Tolnar sold 1,415 shares of Shoals Technologies Group stock in April this year at an average price of $22.79 per share, totaling a value of $32,247.85. Following this transaction, Tolnar owns directly 64,629 shares in the company that are valued at approximately $1.47 million USD.
Overall, despite mixed opinions about its potential and some insider selling taking place over recent weeks, Shoals Technologies group remains an attractive prospect for investors looking for potential energy-saving technologies with strong growth potential in today’s market. This recent wave of investor activity could be just the beginning of what may be exciting times ahead for shareholders who remain optimistic about their future prospects with Shoals Technologies Group.
