Stratos Wealth Partners LTD. Invests $110,000 in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Stratos Wealth Partners LTD. acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 19,898 shares of the company’s stock, valued at approximately $110,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its position 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 acquiring an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $20,191,000. Verition Fund Management LLC grew its position in shares of Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after purchasing an additional 2,034,291 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of 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 purchasing an additional 1,666,691 shares during the last quarter. Finally, Yaupon Capital Management LP purchased a new position in Shoals Technologies Group during the third quarter worth approximately $8,585,000.

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 6,460 shares of company stock worth $30,271. Company insiders own 1.67% of the company’s stock.

Shoals Technologies Group Stock Down 2.0 %

Shoals Technologies Group stock opened at $3.96 on Friday. The firm has a market capitalization of $660.13 million, a P/E ratio of 19.80, a P/E/G ratio of 0.53 and a beta of 1.62. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a twelve month low of $3.83 and a twelve month high of $16.85. The stock’s fifty day simple moving average is $4.94 and its 200-day simple moving average is $5.25.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price for the company in a report on Tuesday, December 17th. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating on the stock in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Finally, Bank of America initiated coverage on Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $9.48.

About Shoals Technologies Group

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.