Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 1.0% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,022,897 shares of the company’s stock after selling 40,694 shares during the period. Geode Capital Management LLC owned approximately 2.41% of Shoals Technologies Group worth $22,573,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of SHLS. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake 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 buying an additional 51,058 shares in the last quarter. Versor Investments LP purchased a new position in Shoals Technologies Group in the 2nd quarter valued at about $80,000. Rhumbline Advisers lifted its stake in Shoals Technologies Group by 9.2% in the 2nd quarter. Rhumbline Advisers now owns 318,700 shares of the company’s stock valued at $1,989,000 after buying an additional 26,973 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Shoals Technologies Group by 93.6% in the 2nd quarter. Victory Capital Management Inc. now owns 69,941 shares of the company’s stock valued at $436,000 after buying an additional 33,807 shares in the last quarter. Finally, Savant Capital LLC purchased a new position in Shoals Technologies Group in the 2nd quarter valued at about $528,000.

Shoals Technologies Group Stock Up 3.7 %

Shoals Technologies Group stock opened at $5.64 on Friday. The firm has a 50 day moving average price of $5.05 and a 200 day moving average price of $5.64. The company has a market capitalization of $940.18 million, a PE ratio of 28.20, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $17.50.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SHLS. Barclays decreased their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 13th. 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 note on Thursday, November 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a research note on Friday, September 6th. Jefferies Financial Group initiated 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. Finally, TD Cowen raised their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $10.64.

Insiders Place Their Bets

In other news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction that occurred 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 owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 6,460 shares of company stock worth $30,271 over the last 90 days. Corporate insiders own 0.36% 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.