Royce & Associates LP Takes $940,000 Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Royce & Associates LP bought a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 170,000 shares of the company’s stock, valued at approximately $940,000. Royce & Associates LP owned about 0.10% of Shoals Technologies Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Shoals Technologies Group by 10.4% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 211,167 shares of the company’s stock valued at $1,191,000 after purchasing an additional 19,867 shares during the last quarter. Erste Asset Management GmbH raised its holdings in shares of Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock valued at $20,269,000 after purchasing an additional 128,664 shares during the last quarter. Victory Capital Management Inc. grew its position in Shoals Technologies Group by 344.1% during the fourth quarter. Victory Capital Management Inc. now owns 169,999 shares of the company’s stock valued at $940,000 after buying an additional 131,718 shares during the period. Versor Investments LP bought a new position in Shoals Technologies Group during the fourth quarter valued at about $91,000. Finally, Bank of New York Mellon Corp grew its position in Shoals Technologies Group by 6.2% during the fourth quarter. Bank of New York Mellon Corp now owns 559,580 shares of the company’s stock valued at $3,094,000 after buying an additional 32,908 shares during the period.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SHLS. The Goldman Sachs Group reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. Roth Mkm reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Truist Financial reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Mizuho cut their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating for the company. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $3.31 on Friday. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $12.73. The firm has a market cap of $552.75 million, a PE ratio of 16.55, a PEG ratio of 0.52 and a beta of 1.69. 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 50 day simple moving average of $4.03 and a two-hundred day simple moving average of $4.91.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last three months. 1.67% of the stock is owned by 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.