Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. cut its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 12.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,219,787 shares of the company's stock after selling 172,023 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.73% of Shoals Technologies Group worth $6,745,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SHLS. Wellington Management Group LLP raised its position in shares of Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock worth $73,533,000 after acquiring an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after buying an additional 658,617 shares during the last quarter. Impax Asset Management Group plc grew its position in shares of 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 buying an additional 1,935,983 shares during the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in Shoals Technologies Group during the 3rd quarter worth $20,191,000.

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Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold 40,575 shares of company stock valued at $123,957 in the last ninety days. Insiders own 0.36% of the company's stock.

Shoals Technologies Group Price Performance

Shares of SHLS traded down $0.11 on Friday, reaching $3.31. The stock had a trading volume of 3,879,770 shares, compared to its average volume of 5,664,630. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $552.75 million, a PE ratio of 16.55, a PEG ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $11.85. The firm has a 50-day moving average of $3.89 and a 200 day moving average of $4.84.

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 for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million for the quarter, compared to analysts' expectations of $102.16 million. During the same period last year, the business earned $0.12 earnings per share. The company's revenue for the quarter was down 17.9% on a year-over-year basis. Sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of research analyst reports. Oppenheimer cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 28th. Jefferies Financial Group reduced their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research note on Wednesday, March 12th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating on the stock. Morgan Stanley upgraded shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target for the company in a research note on Tuesday, December 17th. Finally, Piper Sandler reduced their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Three research 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's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group 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.