Principal Financial Group Inc. Cuts Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Principal Financial Group Inc. reduced its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 30.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,071 shares of the company’s stock after selling 7,102 shares during the quarter. Principal Financial Group Inc.’s holdings in Shoals Technologies Group were worth $90,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Rhumbline Advisers grew its position in Shoals Technologies Group by 9.2% during the 2nd 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 last quarter. Victory Capital Management Inc. increased its stake in shares of Shoals Technologies Group by 93.6% in the second quarter. Victory Capital Management Inc. now owns 69,941 shares of the company’s stock worth $436,000 after buying an additional 33,807 shares during the period. Savant Capital LLC bought a new stake in Shoals Technologies Group during the 2nd quarter valued at $528,000. Quest Partners LLC boosted its position in Shoals Technologies Group by 160.1% during the 2nd quarter. Quest Partners LLC now owns 37,026 shares of the company’s stock valued at $231,000 after buying an additional 22,789 shares during the period. Finally, Headlands Technologies LLC grew its holdings in Shoals Technologies Group by 440.6% in the 2nd quarter. Headlands Technologies LLC now owns 44,431 shares of the company’s stock worth $277,000 after acquiring an additional 36,212 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Brandon Moss purchased 22,300 shares of the 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 acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In the last quarter, insiders sold 6,460 shares of company stock valued at $30,271. Company insiders own 1.67% of the company’s stock.

Shoals Technologies Group Trading Up 4.3 %

Shares of NASDAQ:SHLS opened at $6.24 on Wednesday. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. The stock’s fifty day moving average price is $5.15 and its 200-day moving average price is $5.57. The company has a market cap of $1.04 billion, a P/E ratio of 31.20, a PEG ratio of 0.64 and a beta of 1.64. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last posted its 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 net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the company posted $0.16 EPS. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. The Goldman Sachs Group lowered their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, December 17th. Piper Sandler dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Guggenheim dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Finally, TD Cowen boosted their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $10.64.

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.