BI Asset Management Fondsmaeglerselskab A S Invests $570,000 in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 103,015 shares of the company's stock, valued at approximately $570,000. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.06% of Shoals Technologies Group at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $12,472,000. Impax Asset Management Group plc lifted its holdings in Shoals Technologies Group by 126.3% in 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 acquiring an additional 1,935,983 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after purchasing an additional 1,125,938 shares in the last quarter. Invesco Ltd. grew its stake in shares of Shoals Technologies Group by 20.7% in the 4th 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 during the last quarter. Finally, Callodine Capital Management LP acquired a new position in shares of Shoals Technologies Group in the 4th quarter worth approximately $4,424,000.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last three months, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SHLS. Oppenheimer reduced their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a report on Tuesday, January 28th. Truist Financial reduced their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Thursday, January 16th. Barclays dropped 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 note on Friday, January 17th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a "peer perform" rating for the company. Finally, Piper Sandler dropped their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $8.87.

Shoals Technologies Group Stock Up 7.1 %

Shares of SHLS stock traded up $0.24 on Friday, hitting $3.64. The company's stock had a trading volume of 6,761,677 shares, compared to its average volume of 5,779,629. 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 stock has a market capitalization of $607.86 million, a price-to-earnings ratio of 18.20, a P/E/G ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $9.17. The firm's fifty day moving average price is $3.39 and its 200-day moving average price is $4.44.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.12 EPS. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS 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.