DnB Asset Management AS Boosts Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

DnB Asset Management AS lifted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 26.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 862,748 shares of the company's stock after buying an additional 180,419 shares during the period. DnB Asset Management AS owned approximately 0.52% of Shoals Technologies Group worth $4,771,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SHLS. Royal Bank of Canada dropped their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Wolfe Research began coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a "peer perform" rating for the company. Jefferies Financial Group reduced their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research report on Wednesday, March 12th. UBS Group lowered their price objective on 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. Finally, Oppenheimer reduced 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. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $8.87.

Shoals Technologies Group Stock Up 3.0 %

Shares of NASDAQ:SHLS traded up $0.09 during trading on Friday, hitting $3.14. The company's stock had a trading volume of 5,174,951 shares, compared to its average volume of 5,664,887. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $10.79. The business has a 50 day moving average price of $3.73 and a two-hundred day moving average price of $4.71. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market capitalization of $524.36 million, a PE ratio of 15.70, a P/E/G ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.08 EPS 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 company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The company's revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were 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 in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is currently owned by corporate insiders.

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.