Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 10.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,854 shares of the company’s stock after selling 51,982 shares during the period. Assenagon Asset Management S.A. owned approximately 0.25% of Shoals Technologies Group worth $2,338,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SHLS. Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group by 14.6% during the third 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 during the last quarter. Point72 Asset Management L.P. boosted its position in shares of 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 purchasing an additional 5,622,207 shares during the period. Franklin Resources Inc. grew its stake in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after buying an additional 658,617 shares during the last quarter. Erste Asset Management GmbH acquired a new position in Shoals Technologies Group during the third quarter worth approximately $20,191,000. Finally, Millennium Management LLC lifted its stake in Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after buying an additional 2,442,227 shares during the last quarter.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction dated Thursday, November 21st. The stock was acquired 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 directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 6,460 shares of company stock worth $30,271. 1.67% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on SHLS shares. 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. Barclays decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Bank of America assumed coverage on Shoals Technologies Group in a research report on Monday, November 25th. They set a “buy” rating and a $6.00 price objective for the company. Finally, Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and an average target price of $10.03.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $4.29 on Thursday. The stock has a fifty day moving average price of $5.06 and a 200 day moving average price of $5.50. 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 stock has a market cap of $715.14 million, a PE ratio of 21.45, a P/E/G ratio of 0.54 and a beta of 1.64. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data 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 analysts’ expectations 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 in the prior year, the firm earned $0.16 earnings per share. Sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal 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.