Green Alpha Advisors LLC Trims Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Green Alpha Advisors LLC reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 36.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,851 shares of the company’s stock after selling 14,785 shares during the period. Green Alpha Advisors LLC’s holdings in Shoals Technologies Group were worth $143,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. FMR LLC grew its position in Shoals Technologies Group by 48.9% during 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. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group during the second quarter worth about $64,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group during the third quarter valued at approximately $60,000. American Trust purchased a new position in Shoals Technologies Group during the second quarter valued at approximately $68,000. Finally, GSA Capital Partners LLP acquired a new position in Shoals Technologies Group in the third quarter valued at approximately $104,000.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SHLS shares. TD Cowen lifted their target price on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Morgan Stanley raised shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research note on Tuesday, December 17th. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price target for the company. Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective on the stock. Finally, Guggenheim cut 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 Thursday, November 21st. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $10.64.

Insider Activity

In related news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders have sold a total of 6,460 shares of company stock valued at $30,271 in the last quarter. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

Shares of SHLS stock opened at $5.85 on Tuesday. 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 market capitalization of $975.19 million, a PE ratio of 29.25, a price-to-earnings-growth ratio of 0.64 and a beta of 1.64. The firm’s 50-day moving average is $5.18 and its two-hundred day moving average is $5.56. Shoals Technologies Group, Inc. has a 12 month low of $4.07 and a 12 month high of $17.50.

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

About Shoals Technologies Group

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.