Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Fmr LLC

Fmr LLC raised its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 48.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 5,806 shares of the company’s stock after buying an additional 1,906 shares during the quarter. Fmr LLC’s holdings in Shoals Technologies Group were worth $33,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Shoals Technologies Group by 48.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,469 shares of the company’s stock valued at $970,000 after purchasing an additional 51,058 shares in the last quarter. Versor Investments LP purchased a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $80,000. Rhumbline Advisers grew its holdings in Shoals Technologies Group by 9.2% during the second quarter. Rhumbline Advisers now owns 318,700 shares of the company’s stock worth $1,989,000 after acquiring an additional 26,973 shares during the period. Victory Capital Management Inc. grew its holdings in Shoals Technologies Group by 93.6% during the second quarter. Victory Capital Management Inc. now owns 69,941 shares of the company’s stock worth $436,000 after acquiring an additional 33,807 shares during the period. Finally, Savant Capital LLC purchased a new position in Shoals Technologies Group in the second quarter worth $528,000.

Wall Street Analyst Weigh In

A number of analysts recently commented on SHLS shares. TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Piper Sandler reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a report on Tuesday, December 17th. 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 for the company. Finally, Barclays lowered their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and a consensus target price of $10.64.

Insider Activity

In related news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction dated Thursday, November 21st. The stock was bought at an average cost 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 in the company, valued at $2,701,335. The trade was 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 a total of 6,460 shares of company stock valued at $30,271 in the last 90 days. 0.36% of the stock is owned by company insiders.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.39 on Thursday. 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 business has a 50 day moving average price of $5.03 and a 200 day moving average price of $5.65. The company has a market cap of $898.51 million, a price-to-earnings ratio of 26.95, a PEG ratio of 0.64 and a beta of 1.69. 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 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. Research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Shoals Technologies Group Company 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.