JPMorgan Chase & Co. Sells 2,653,320 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

JPMorgan Chase & Co. lessened its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 29.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,237,977 shares of the company’s stock after selling 2,653,320 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.74% of Shoals Technologies Group worth $34,995,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SHLS. Wellington Management Group LLP lifted its holdings in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after buying an additional 1,666,691 shares during the period. Point72 Asset Management L.P. grew its stake in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after purchasing an additional 5,622,207 shares during the period. Franklin Resources Inc. increased its holdings in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Finally, Millennium Management LLC increased its stake in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares in the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. TD Cowen raised their price target 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. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Bank of America initiated coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 target price for the company. Finally, Barclays cut 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 report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $10.64.

Shoals Technologies Group Stock Up 0.8 %

Shares of NASDAQ:SHLS opened at $5.98 on Tuesday. The firm has a fifty day moving average of $5.13 and a 200 day moving average of $5.57. Shoals Technologies Group, Inc. has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market capitalization of $996.86 million, a PE ratio of 29.90, a price-to-earnings-growth ratio of 0.64 and a beta of 1.64.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same period last year, the company posted $0.16 EPS. Shoals Technologies Group’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 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 over the last three months. 1.67% of the stock is owned by company insiders.

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.