Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 1.0% in the third quarter, HoldingsChannel.com reports. The firm owned 4,022,897 shares of the company’s stock after selling 40,694 shares during the quarter. Geode Capital Management LLC’s holdings in Shoals Technologies Group were worth $22,573,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Skandinaviska Enskilda Banken AB publ lifted its position in Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after acquiring an additional 93,400 shares during the last quarter. Wellington Management Group LLP lifted its position in 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 purchased a new stake in Shoals Technologies Group in the third quarter valued at $1,461,000. Handelsbanken Fonder AB lifted its position in Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after acquiring an additional 690,344 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group in the third quarter valued at $20,191,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Barclays reduced their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Piper Sandler reduced their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Guggenheim reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 target price for the company. Finally, Bank of America started coverage on shares of Shoals Technologies Group in a report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.64.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have sold 6,460 shares of company stock worth $30,271 over the last ninety days. 0.36% of the stock is currently owned by insiders.

Shoals Technologies Group Trading Up 3.7 %

Shares of SHLS opened at $5.64 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The firm’s 50-day moving average is $5.05 and its two-hundred day moving average is $5.64. Shoals Technologies Group, Inc. has a twelve month low of $4.07 and a twelve month high of $17.50. The firm has a market capitalization of $940.18 million, a P/E ratio of 28.20, a PEG ratio of 0.64 and a beta of 1.69.

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

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.