Swiss National Bank Sells 7,100 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Swiss National Bank lowered its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 327,800 shares of the company’s stock after selling 7,100 shares during the quarter. Swiss National Bank owned approximately 0.20% of Shoals Technologies Group worth $1,813,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Point72 Asset Management L.P. boosted its position in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after acquiring an additional 5,622,207 shares during the period. Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group in the 3rd quarter worth approximately $20,191,000. Verition Fund Management LLC boosted its holdings in 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 valued at $12,629,000 after purchasing an additional 2,034,291 shares during the period. Impax Asset Management Group plc grew its position in shares of Shoals Technologies Group by 126.3% during the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock valued at $19,083,000 after purchasing an additional 1,935,983 shares in the last quarter. Finally, 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 worth $73,533,000 after purchasing an additional 1,666,691 shares during the period.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $3.31 on Friday. The firm has a market cap of $552.75 million, a PE ratio of 16.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The company’s fifty day simple moving average is $3.86 and its two-hundred day simple moving average is $4.82. 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 $2.71 and a 12-month high of $11.60.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the prior year, the company earned $0.12 EPS. Shoals Technologies Group’s revenue was down 17.9% compared to the same quarter last year. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on SHLS. Mizuho dropped their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Barclays cut their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler cut their price target on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.87.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 40,575 shares of company stock worth $123,957 over the last ninety days. 0.36% of the stock is owned by corporate insiders.

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.