Verition Fund Management LLC Buys 2,034,291 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Verition Fund Management LLC raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 938.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,251,093 shares of the company’s stock after acquiring an additional 2,034,291 shares during the period. Verition Fund Management LLC owned approximately 1.35% of Shoals Technologies Group worth $12,629,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in SHLS. FMR LLC grew its stake in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $54,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the third quarter worth approximately $60,000. Mackenzie Financial Corp acquired a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $64,000. Finally, American Trust bought a new stake in shares of Shoals Technologies Group in the second quarter valued at approximately $68,000.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Trading Down 0.8 %

Shares of NASDAQ SHLS opened at $5.22 on Friday. The firm has a 50 day moving average price of $5.25 and a two-hundred day moving average price of $5.97. The stock has a market cap of $870.17 million, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 0.76 and a beta of 1.73. Shoals Technologies Group, Inc. has a 52-week low of $4.07 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

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

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of recent research reports. Roth Mkm lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They set a “buy” rating and a $6.00 price objective on the stock. UBS Group dropped their target price on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.31.

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.