Swedbank AB Sells 663,203 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Swedbank AB trimmed its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 49.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 669,430 shares of the company’s stock after selling 663,203 shares during the period. Swedbank AB’s holdings in Shoals Technologies Group were worth $3,756,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group in the second quarter valued at approximately $54,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group in the second quarter valued at approximately $64,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group in the third quarter valued at approximately $60,000. American Trust bought a new stake in Shoals Technologies Group in the second quarter valued at approximately $68,000. Finally, Versor Investments LP bought a new stake in Shoals Technologies Group in the second quarter valued at approximately $80,000.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.36% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on SHLS shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Northland Securities lowered their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Barclays reduced their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price target for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $11.31.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.26 on Thursday. The stock has a market cap of $876.84 million, a P/E ratio of 26.30, a P/E/G ratio of 0.73 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a fifty day moving average price of $5.31 and a two-hundred day moving average price of $6.00. Shoals Technologies Group, Inc. has a one year low of $4.07 and a one year high of $17.50.

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

Shoals Technologies Group 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.