Barclays PLC Has $1.63 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Barclays PLC raised its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 25.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 291,242 shares of the company’s stock after purchasing an additional 59,856 shares during the quarter. Barclays PLC owned 0.17% of Shoals Technologies Group worth $1,634,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Point72 Asset Management L.P. boosted its stake in Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at $20,191,000. Millennium Management LLC grew its holdings 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 worth $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter.

Analyst Upgrades and Downgrades

SHLS has been the topic of a number of recent analyst reports. Barclays reduced 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 report on Wednesday, November 13th. 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 report on Thursday, October 17th. TD Cowen raised their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America began coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective on the stock. Finally, Guggenheim lowered their target price 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. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $10.64.

Shoals Technologies Group Stock Down 1.8 %

NASDAQ:SHLS opened at $5.89 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. The stock’s fifty day simple moving average is $5.18 and its 200-day simple moving average is $5.57. The firm has a market capitalization of $981.86 million, a P/E ratio of 29.45, a P/E/G ratio of 0.64 and a beta of 1.64.

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

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is currently owned by company insiders.

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.