Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC lowered its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 16.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,857,658 shares of the company's stock after selling 365,917 shares during the period. Clearbridge Investments LLC owned 1.11% of Shoals Technologies Group worth $10,273,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC grew its stake in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new position in Shoals Technologies Group in the 4th quarter worth approximately $59,000. Cibc World Markets Corp purchased a new position in Shoals Technologies Group during the 4th quarter worth approximately $87,000. Versor Investments LP acquired a new stake in Shoals Technologies Group during the 4th quarter valued at approximately $91,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $110,000.

Shoals Technologies Group Trading Up 3.0 %

Shoals Technologies Group stock traded up $0.09 during midday trading on Friday, hitting $3.14. 5,174,951 shares of the stock were exchanged, compared to its average volume of 5,671,860. The stock's 50-day simple moving average is $3.73 and its 200 day simple moving average is $4.70. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $10.79. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $524.36 million, a price-to-earnings ratio of 15.70, a PEG ratio of 0.52 and a beta of 1.54.

Remove Ads

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 the consensus estimate 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 during the quarter, compared to analysts' expectations of $102.16 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The company's revenue was down 17.9% on a year-over-year basis. On average, equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction on 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 owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Truist Financial decreased their target price 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 Thursday, January 16th. Wolfe Research assumed coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a "peer perform" rating on the stock. Morgan Stanley upgraded 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 report on Tuesday, December 17th. 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 research report on Friday, January 17th. Finally, Roth Mkm cut their target price on shares of 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 equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Hold" and an average price target of $8.87.

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.