Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Electron Capital Partners LLC

Electron Capital Partners LLC increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 15.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,460 shares of the company’s stock after purchasing an additional 12,013 shares during the quarter. Electron Capital Partners LLC’s holdings in Shoals Technologies Group were worth $500,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at $12,472,000. Impax Asset Management Group plc raised its stake in Shoals Technologies Group by 126.3% during the 4th 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 during the period. Wellington Management Group LLP lifted its stake in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock worth $78,710,000 after acquiring an additional 1,125,938 shares in the last quarter. Invesco Ltd. lifted its position in shares of Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock worth $35,480,000 after purchasing an additional 1,098,577 shares in the last quarter. Finally, Callodine Capital Management LP acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth approximately $4,424,000.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $3.73 on Tuesday. The stock has a market capitalization of $622.89 million, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $9.17. The firm has a 50 day moving average of $3.38 and a 200-day moving average of $4.42.

Shoals Technologies Group (NASDAQ:SHLS) last released 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same period in the prior year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SHLS. Roth Mkm decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. The Goldman Sachs Group reduced their price objective on 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. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Jefferies Financial Group lowered their price target on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research note on Wednesday, March 12th. Finally, Oppenheimer cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. 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 stock. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and a consensus 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.