Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by State Street Corp

State Street Corp lessened its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,281,630 shares of the company’s stock after selling 34,767 shares during the period. State Street Corp owned approximately 3.17% of Shoals Technologies Group worth $29,630,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after buying an additional 69,193 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its position in Shoals Technologies Group by 146.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after purchasing an additional 93,400 shares during the period. Point72 Europe London LLP acquired a new position in shares of Shoals Technologies Group during the third quarter worth about $1,461,000. Handelsbanken Fonder AB boosted its position in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the period. Finally, Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $20,191,000.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SHLS. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Bank of America began coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Finally, Barclays lowered their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $10.64.

Shoals Technologies Group Stock Performance

SHLS opened at $5.12 on Friday. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $853.50 million, a P/E ratio of 25.60, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The stock’s 50 day moving average price is $5.01 and its two-hundred day moving average price is $5.69.

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 analyst estimates of $98.86 million. During the same quarter in the prior year, the business earned $0.16 earnings per share. The business’s revenue for the quarter was down 23.8% on a year-over-year basis. On average, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have sold 6,460 shares of company stock worth $30,271. Company insiders own 1.67% of the company’s stock.

Shoals Technologies Group Profile

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.