Sumitomo Mitsui Trust Group Inc. Has $346,000 Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 6.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,599 shares of the company’s stock after selling 4,381 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Shoals Technologies Group were worth $346,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHLS. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth $59,000. TrinityPoint Wealth LLC acquired a new stake in shares of Shoals Technologies Group during the third quarter worth $60,000. GSA Capital Partners LLP acquired a new stake in shares of Shoals Technologies Group during the third quarter worth $104,000. Finally, Stratos Wealth Partners LTD. acquired a new position in Shoals Technologies Group in the fourth quarter valued at about $110,000.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of research reports. The Goldman Sachs Group cut their price target on Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating on the stock in a report on Wednesday, January 22nd. Piper Sandler cut their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Truist Financial cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, January 16th. Finally, TD Cowen boosted 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. Three research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.48.

Insider Buying and Selling

In related news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction on 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 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 transaction was disclosed in a filing with the SEC, which is available through this link. In the last ninety days, insiders sold 6,460 shares of company stock valued at $30,271. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $3.96 on Friday. 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 company has a market capitalization of $660.13 million, a price-to-earnings ratio of 19.80, a price-to-earnings-growth ratio of 0.53 and a beta of 1.62. The company’s 50-day moving average is $4.94 and its 200 day moving average is $5.24. Shoals Technologies Group, Inc. has a one year low of $3.83 and a one year high of $16.85.

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.