Trexquant Investment LP Raises Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Trexquant Investment LP grew its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 40.0% during the 4th quarter, HoldingsChannel reports. The fund owned 2,000,551 shares of the company’s stock after acquiring an additional 571,956 shares during the quarter. Trexquant Investment LP’s holdings in Shoals Technologies Group were worth $11,063,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC raised its position in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. Empirical Asset Management LLC purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth about $59,000. Cibc World Markets Corp bought a new stake in shares of Shoals Technologies Group in the 4th quarter valued at about $87,000. Versor Investments LP purchased a new stake in Shoals Technologies Group during the 4th quarter valued at about $91,000. Finally, Stratos Wealth Partners LTD. bought a new position in Shoals Technologies Group during the 4th quarter worth approximately $110,000.

Analyst Ratings Changes

SHLS has been the subject of a number of analyst reports. Barclays dropped their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Truist Financial lowered their price objective 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, January 16th. Roth Mkm cut their target price on 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. Finally, JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $8.87.

Insider Buying and Selling at Shoals Technologies Group

In other 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 $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $3.26 on Thursday. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $11.24. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a market cap of $544.40 million, a P/E ratio of 16.30, a P/E/G ratio of 0.52 and a beta of 1.69. The business’s 50 day moving average price is $3.79 and its 200-day moving average price is $4.75.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million during the quarter, compared to analysts’ expectations 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 revenue was down 17.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal 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.