JPMorgan Chase & Co. Has $35 Million Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

JPMorgan Chase & Co. lessened its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 29.8% in the third quarter, according to its most recent filing with the SEC. The firm owned 6,237,977 shares of the company's stock after selling 2,653,320 shares during the quarter. JPMorgan Chase & Co. owned about 3.74% of Shoals Technologies Group worth $34,995,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of SHLS. Point72 Asset Management L.P. lifted its position 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 purchasing an additional 5,622,207 shares during the period. Erste Asset Management GmbH bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth $20,191,000. Millennium Management LLC lifted its holdings in shares of Shoals Technologies Group by 262.8% in the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after buying an additional 2,442,227 shares during the period. Verition Fund Management LLC boosted its stake in Shoals Technologies Group by 938.3% during the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company's stock valued at $12,629,000 after buying an additional 2,034,291 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the period.

Shoals Technologies Group Stock Up 4.3 %

Shares of SHLS traded up $0.26 during midday trading on Tuesday, reaching $6.24. 6,954,930 shares of the stock were exchanged, compared to its average volume of 5,346,857. The company has a market cap of $1.04 billion, a price-to-earnings ratio of 31.20, a P/E/G ratio of 0.64 and a beta of 1.64. The firm has a 50 day simple moving average of $5.15 and a 200-day simple moving average of $5.57. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. 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 posted its 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 business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the firm earned $0.16 earnings per share. Shoals Technologies Group's revenue was down 23.8% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 6,460 shares of company stock worth $30,271. Corporate insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Citigroup upgraded shares of Shoals Technologies Group from a "sell" rating to a "neutral" rating and raised their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. TD Cowen upped their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $10.00 to $9.00 and set a "buy" rating for the company in a research note on Tuesday, December 17th. Finally, Piper Sandler cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Three research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued 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.

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.