Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. boosted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 16.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,748,673 shares of the company's stock after buying an additional 658,617 shares during the quarter. Franklin Resources Inc. owned approximately 2.85% of Shoals Technologies Group worth $24,836,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its stake in 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 buying an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after acquiring an additional 5,622,207 shares in the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group during the third quarter worth about $20,191,000. Millennium Management LLC raised its position 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 purchasing an additional 2,442,227 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock worth $15,212,000 after purchasing an additional 690,344 shares in the last quarter.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of research analyst reports. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a "hold" rating and a $5.00 price target for the company. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a research report on Monday, October 14th. They set an "equal weight" rating and a $46.00 target price for the company. Roth Mkm lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating on the stock in a research report on Friday, September 6th. Royal Bank of Canada restated an "outperform" rating and set a $11.00 target price on shares of Shoals Technologies Group in a research report on Friday, September 6th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $10.64.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 6,460 shares of company stock worth $30,271 in the last three months. 0.36% of the stock is owned by company insiders.

Shoals Technologies Group Trading Up 12.8 %

SHLS traded up $0.58 on Friday, hitting $5.12. The company had a trading volume of 10,915,737 shares, compared to its average volume of 4,989,508. 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 firm has a market cap of $853.50 million, a P/E ratio of 25.60, a PEG ratio of 0.64 and a beta of 1.69. The company's fifty day moving average price is $5.01 and its 200 day moving average price is $5.70. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million during the quarter, compared to analysts' expectations of $98.86 million. During the same period last year, the firm posted $0.16 earnings per share. Shoals Technologies Group's revenue was down 23.8% on a year-over-year basis. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current 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.