2,255,335 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Acquired by Norges Bank

Norges Bank acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,255,335 shares of the company's stock, valued at approximately $12,472,000. Norges Bank owned about 1.35% of Shoals Technologies Group at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of SHLS. Vanguard Group Inc. increased its stake in shares of Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after buying an additional 576,736 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock worth $73,533,000 after purchasing an additional 1,666,691 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Erste Asset Management GmbH lifted its position in shares of Shoals Technologies Group by 3.7% during the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after purchasing an additional 128,664 shares during the last quarter. Finally, Impax Asset Management Group plc grew its stake in Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock worth $19,083,000 after purchasing an additional 1,935,983 shares in the last quarter.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SHLS. UBS Group lowered their price objective on shares of 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. Wolfe Research started coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a "peer perform" rating on the stock. Royal Bank of Canada dropped their price target on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Mizuho decreased their target price on Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. Finally, Oppenheimer decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a research report on Tuesday, January 28th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Hold" and a consensus price target of $8.87.

Shoals Technologies Group Stock Up 1.5 %

Shares of NASDAQ SHLS traded up $0.05 during mid-day trading on Friday, reaching $3.41. 3,992,056 shares of the company's stock were exchanged, compared to its average volume of 5,732,276. 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 capitalization of $569.45 million, a price-to-earnings ratio of 17.05, a PEG ratio of 0.52 and a beta of 1.54. The business has a fifty day simple moving average of $3.56 and a 200 day simple moving average of $4.57. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $9.70.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm 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%. Shoals Technologies Group's revenue for the quarter was down 17.9% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

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

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.