58,870 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Acquired by Cidel Asset Management Inc.

Cidel Asset Management Inc. purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 58,870 shares of the company's stock, valued at approximately $326,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 Asset Management L.P. boosted its stake 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 purchasing an additional 5,622,207 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the 3rd quarter valued at about $20,191,000. Verition Fund Management LLC raised its holdings in shares of Shoals Technologies Group by 938.3% in the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company's stock valued at $12,629,000 after purchasing an additional 2,034,291 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. Finally, Yaupon Capital Management LP purchased a new position in shares of Shoals Technologies Group in the 3rd quarter worth approximately $8,585,000.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on SHLS shares. Truist Financial dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. Barclays lowered their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. Guggenheim reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Finally, Piper Sandler cut their price target on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research note on Friday, November 22nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $9.48.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 6,460 shares of company stock valued at $30,271 over the last ninety days. Insiders own 1.67% of the company's stock.

Shoals Technologies Group Stock Performance

NASDAQ SHLS traded down $0.11 during midday trading on Wednesday, hitting $3.99. The company had a trading volume of 6,258,879 shares, compared to its average volume of 6,480,378. 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 fifty day simple moving average of $4.98 and a two-hundred day simple moving average of $5.29. Shoals Technologies Group, Inc. has a fifty-two week low of $3.83 and a fifty-two week high of $16.85. The stock has a market cap of $665.13 million, a price-to-earnings ratio of 19.95, a P/E/G ratio of 0.53 and a beta of 1.62.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (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 the consensus estimate of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company's revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 earnings per share. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal 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.