Point72 Europe London LLP Acquires New Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Point72 Europe London LLP bought a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 260,416 shares of the company's stock, valued at approximately $1,461,000. Point72 Europe London LLP owned approximately 0.16% of Shoals Technologies Group at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. FMR LLC lifted its position in Shoals Technologies Group by 48.9% in the 3rd 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. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the second quarter valued at about $54,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the third quarter valued at about $60,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group in the second quarter worth about $64,000. Finally, American Trust bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $68,000.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several recent research reports. Piper Sandler reduced their price target 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. Northland Securities decreased their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating on the stock in a research note on Thursday, August 8th. Roth Mkm dropped their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Friday, September 6th. TD Cowen raised their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a "hold" rating and a $5.00 price objective for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $11.31.

Shoals Technologies Group Stock Down 0.8 %

SHLS traded down $0.04 during midday trading on Friday, reaching $5.22. The company's stock had a trading volume of 3,654,618 shares, compared to its average volume of 5,895,047. 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 stock's 50-day moving average is $5.25 and its 200-day moving average is $5.97. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. The firm has a market capitalization of $870.17 million, a price-to-earnings ratio of 26.10, a PEG ratio of 0.76 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $98.86 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's quarterly revenue was down 23.8% compared to the same quarter last year. As a group, research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company's stock, valued at $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.67% of the stock is currently owned by company insiders.

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.