Pictet Asset Management Holding SA Has $16.85 Million Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Pictet Asset Management Holding SA lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 8.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,046,258 shares of the company's stock after selling 278,559 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.83% of Shoals Technologies Group worth $16,846,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value 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 approximately $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 can be accessed through this link. Over the last quarter, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Price Performance

Shares of SHLS stock traded up $0.09 on Friday, hitting $3.14. 5,174,951 shares of the company's stock were exchanged, compared to its average volume of 5,671,860. The company has a 50 day moving average of $3.73 and a 200 day moving average of $4.69. The stock has a market cap of $524.36 million, a P/E ratio of 15.70, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. 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 12 month low of $2.71 and a 12 month high of $10.79.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 23rd. UBS Group lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Barclays lowered their price objective on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research report on Friday, January 17th. Finally, Morgan Stanley raised shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 target price for the company in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of "Hold" and a consensus price target of $8.87.

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.