Advisors Asset Management Inc. Sells 7,926 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Advisors Asset Management Inc. lowered its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 32.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,596 shares of the company’s stock after selling 7,926 shares during the quarter. Advisors Asset Management Inc.’s holdings in Shoals Technologies Group were worth $93,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Shoals Technologies Group by 1.0% during 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 during the period. Price T Rowe Associates Inc. MD increased its stake in Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after acquiring an additional 1,857 shares during the period. Tidal Investments LLC acquired a new position in Shoals Technologies Group in the 1st quarter valued at approximately $446,000. Comerica Bank lifted its position in shares of Shoals Technologies Group by 2,823.0% in the 1st quarter. Comerica Bank now owns 89,209 shares of the company’s stock worth $997,000 after acquiring an additional 86,157 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Shoals Technologies Group by 159.3% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 28,003 shares of the company’s stock worth $313,000 after purchasing an additional 17,203 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts recently commented on the company. UBS Group cut their target price on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Truist Financial reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 target price on the stock. Roth Mkm cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Finally, Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price objective on the stock. Three 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 MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $11.31.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $5.22 on Friday. The stock has a market cap of $870.17 million, a price-to-earnings ratio of 26.10, a P/E/G ratio of 0.76 and a beta of 1.73. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. The business’s 50-day simple moving average is $5.25 and its 200 day simple moving average is $5.97.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the business earned $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 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.