Invesco Ltd. Boosts Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Invesco Ltd. boosted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 20.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,415,911 shares of the company's stock after buying an additional 1,098,577 shares during the period. Invesco Ltd. owned approximately 3.85% of Shoals Technologies Group worth $35,480,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

SHLS has been the topic of a number of research analyst reports. Roth Mkm reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. Royal Bank of Canada reduced their price objective on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 26th. The Goldman Sachs Group cut their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Finally, Barclays lowered their price objective on 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. 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 stock. According to data from MarketBeat, Shoals Technologies Group presently has a consensus rating of "Hold" and an average price target of $8.87.

Shoals Technologies Group Stock Up 3.1 %

SHLS traded up $0.10 during trading on Tuesday, hitting $3.35. 3,129,524 shares of the company's stock were exchanged, compared to its average volume of 5,731,313. The stock has a market cap of $559.43 million, a P/E ratio of 16.75, a PEG ratio of 0.52 and a beta of 1.54. The business's 50 day moving average is $3.42 and its two-hundred day moving average is $4.47. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $9.17. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue for the quarter was down 17.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.12 earnings per share. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company's stock.

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.