DnB Asset Management AS Has $4.77 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

DnB Asset Management AS raised its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 26.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 862,748 shares of the company’s stock after acquiring an additional 180,419 shares during the quarter. DnB Asset Management AS’s holdings in Shoals Technologies Group were worth $4,771,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Impax Asset Management Group plc grew its position in Shoals Technologies Group by 126.3% in the fourth 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. Wellington Management Group LLP increased its position 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 valued at $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP acquired a new stake in shares of Shoals Technologies Group in the third quarter valued at about $1,461,000. RWC Asset Management LLP acquired a new position in Shoals Technologies Group during the fourth quarter valued at approximately $1,891,000. Finally, Erste Asset Management GmbH bought a new position in Shoals Technologies Group in the third quarter valued at approximately $20,191,000.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction 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 trade represents a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 40,575 shares of company stock valued at $123,957 over the last quarter. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $3.31 on Monday. The company has a 50-day simple moving average of $3.86 and a two-hundred day simple moving average of $4.80. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $11.60. The stock has a market capitalization of $552.75 million, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. 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 (NASDAQ:SHLS) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SHLS. Barclays dropped their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Mizuho cut their price target on shares of 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. Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Oppenheimer cut their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Finally, Wolfe Research started coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating on the stock. 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. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and an average target price of $8.87.

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.