Amundi Decreases Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Amundi decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 38.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 273,338 shares of the company's stock after selling 169,264 shares during the period. Amundi owned about 0.16% of Shoals Technologies Group worth $1,640,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Janney Montgomery Scott LLC bought a new stake in Shoals Technologies Group during the 3rd quarter worth $833,000. Entropy Technologies LP bought a new stake in shares of Shoals Technologies Group during the third quarter worth about $182,000. GSA Capital Partners LLP acquired a new position in shares of Shoals Technologies Group in the third quarter valued at approximately $104,000. TrinityPoint Wealth LLC bought a new position in Shoals Technologies Group in the 3rd quarter valued at approximately $60,000. Finally, Corbyn Investment Management Inc. MD boosted its position in Shoals Technologies Group by 7.6% during the 3rd quarter. Corbyn Investment Management Inc. MD now owns 155,778 shares of the company's stock worth $874,000 after buying an additional 10,975 shares during the period.

Shoals Technologies Group Stock Performance

NASDAQ SHLS remained flat at $3.31 during mid-day trading on Friday. 6,923,194 shares of the company traded hands, compared to its average volume of 5,572,842. The stock has a market capitalization of $552.75 million, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The firm's fifty day moving average price is $4.09 and its 200 day moving average price is $4.92. 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 twelve month low of $2.71 and a twelve month high of $12.98.

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Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $102.16 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. The firm's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SHLS shares. The Goldman Sachs Group decreased their price target on shares of 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. Oppenheimer lowered their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a research report on Tuesday, January 28th. Barclays reduced their price target on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. Jefferies Financial Group lowered their price objective 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. Finally, Bank of America assumed coverage on Shoals Technologies Group in a report on Monday, November 25th. They issued a "buy" rating and a $6.00 target price on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $8.87.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the business'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 transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 40,575 shares of company stock valued at $123,957 over the last ninety days. Corporate insiders own 1.67% of the company's stock.

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.