Erste Asset Management GmbH Invests $20.19 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Erste Asset Management GmbH acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,465,142 shares of the company's stock, valued at approximately $20,191,000. Erste Asset Management GmbH owned about 2.08% of Shoals Technologies Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of SHLS. Millennium Management LLC increased its stake in shares of Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter. Verition Fund Management LLC lifted its position in 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 acquiring an additional 2,034,291 shares in the last quarter. Federated Hermes Inc. lifted its holdings in shares of Shoals Technologies Group by 8,389.5% in the second quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company's stock valued at $7,628,000 after purchasing an additional 1,208,082 shares in the last quarter. M&G Plc acquired a new position in shares of Shoals Technologies Group during the second quarter worth about $7,021,000. Finally, AQR Capital Management LLC grew its holdings in shares of Shoals Technologies Group by 505.8% during the second quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company's stock worth $6,367,000 after buying an additional 851,978 shares in the last quarter.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction dated Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.67% of the company's stock.

Shoals Technologies Group Trading Down 0.8 %

NASDAQ SHLS traded down $0.04 during trading hours on Friday, reaching $5.22. The company's stock had a trading volume of 3,654,618 shares, compared to its average volume of 5,895,047. The firm has a fifty day simple moving average of $5.25 and a 200-day simple moving average of $5.97. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a 52 week low of $4.07 and a 52 week high of $17.50. The stock has a market cap of $870.17 million, a P/E ratio of 26.10, a P/E/G ratio of 0.76 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business's revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the company 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.

Analyst Ratings Changes

SHLS has been the subject of a number of recent research reports. Northland Securities reduced their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a research note on Thursday, August 8th. Morgan Stanley lowered their price target on Shoals Technologies Group from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, November 15th. Cantor Fitzgerald reiterated an "overweight" rating and set a $12.00 price target on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Guggenheim dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, November 21st. Finally, Roth Capital cut shares of Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 7th. Three 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 company currently has a consensus rating of "Hold" and a consensus target price of $11.31.

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.