Cibc World Markets Corp Buys Shares of 15,698 Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Cibc World Markets Corp purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 15,698 shares of the company’s stock, valued at approximately $87,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC increased 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 last quarter. Janus Henderson Group PLC grew its stake in shares of Shoals Technologies Group by 2.3% in the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after buying an additional 6,503 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Shoals Technologies Group by 1.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock worth $3,091,000 after buying an additional 8,918 shares during the last quarter. Empirical Asset Management LLC bought a new position in Shoals Technologies Group during the fourth quarter valued at approximately $59,000. Finally, Dynamic Technology Lab Private Ltd lifted its stake in Shoals Technologies Group by 10.5% in the third quarter. Dynamic Technology Lab Private Ltd now owns 120,670 shares of the company’s stock valued at $677,000 after acquiring an additional 11,441 shares during the last quarter.

Shoals Technologies Group Trading Up 0.6 %

Shoals Technologies Group stock opened at $3.42 on Friday. The business has a 50 day moving average price of $3.89 and a two-hundred day moving average price of $4.84. 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, Inc. has a 12 month low of $2.71 and a 12 month high of $11.85. The stock has a market cap of $571.12 million, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analyst Upgrades and Downgrades

SHLS has been the topic of several analyst reports. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a “peer perform” rating on the stock. Mizuho lowered their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Jefferies Financial Group reduced their price target on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research report on Wednesday, March 12th. Barclays lowered their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Finally, Roth Mkm reduced their target price on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $8.87.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last three months, insiders sold 40,575 shares of company stock valued at $123,957. Company insiders own 0.36% of the company’s stock.

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.