Principal Financial Group Inc. Trims Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Principal Financial Group Inc. lowered its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 30.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,071 shares of the company’s stock after selling 7,102 shares during the period. Principal Financial Group Inc.’s holdings in Shoals Technologies Group were worth $90,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Millennium Management LLC raised its stake in Shoals Technologies Group by 262.8% during the second 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 period. Handelsbanken Fonder AB grew its stake in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Swedbank AB acquired a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $25,268,000. Finally, Impax Asset Management Group plc raised its position in shares of Shoals Technologies Group by 19.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock valued at $8,602,000 after buying an additional 249,582 shares during the period.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.36% of the stock is currently owned by corporate insiders.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $5.01 on Wednesday. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. The stock has a market capitalization of $835.17 million, a PE ratio of 25.05, a PEG ratio of 0.70 and a beta of 1.73. 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 50-day simple moving average of $5.33 and a 200-day simple moving average of $6.01.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The firm’s revenue was down 23.8% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Bank of America initiated coverage on Shoals Technologies Group in a research report on Monday. They issued a “buy” rating and a $6.00 price objective for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Barclays reduced their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 13th. Guggenheim lowered their target price on shares of 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. Finally, Truist Financial reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research note on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $11.31.

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.