UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $2.37 Million Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 47.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,348 shares of the company’s stock after selling 376,566 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.25% of Shoals Technologies Group worth $2,369,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 valued at $21,039,000 after purchasing an additional 2,442,227 shares during the period. Federated Hermes Inc. raised its holdings in Shoals Technologies Group by 8,389.5% in the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after acquiring an additional 1,208,082 shares during the period. AQR Capital Management LLC raised its holdings in Shoals Technologies Group by 505.8% in the 2nd quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock valued at $6,367,000 after acquiring an additional 851,978 shares during the period. Handelsbanken Fonder AB lifted its position 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 worth $15,212,000 after acquiring an additional 690,344 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Shoals Technologies Group by 1,796.9% during the second quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock worth $2,988,000 after acquiring an additional 453,543 shares during the period.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SHLS. Roth Mkm dropped their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Jefferies Financial Group started 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. Morgan Stanley decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, November 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, Guggenheim decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.31.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold 8,920 shares of company stock worth $45,863 over the last quarter. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $4.41 on Friday. The business has a fifty day simple moving average of $5.06 and a 200 day simple moving average of $5.79. The company has a market cap of $735.14 million, a P/E ratio of 22.05, a P/E/G ratio of 0.66 and a beta of 1.69. 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 twelve month low of $4.07 and a twelve month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company posted $0.16 EPS. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal 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.