Redwood Grove Capital LLC grew its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,820,900 shares of the company's stock after buying an additional 115,000 shares during the quarter. Shoals Technologies Group accounts for 2.8% of Redwood Grove Capital LLC's holdings, making the stock its 20th largest holding. Redwood Grove Capital LLC owned approximately 1.09% of Shoals Technologies Group worth $10,215,000 at the end of the most recent reporting period.
Other institutional investors have also modified their holdings of the company. FMR LLC boosted its holdings 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 purchasing an additional 1,906 shares during the period. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group in the second quarter valued at $54,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group in the second quarter valued at $64,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group in the third quarter valued at $60,000. Finally, American Trust purchased a new position in Shoals Technologies Group in the second quarter valued at $68,000.
Shoals Technologies Group Stock Performance
SHLS stock traded down $0.25 during trading on Thursday, hitting $4.64. The company had a trading volume of 3,530,649 shares, compared to its average volume of 4,980,354. The firm has a market cap of $773.48 million, a PE ratio of 23.20, a price-to-earnings-growth ratio of 0.71 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1-year low of $4.07 and a 1-year high of $17.50. The firm has a 50-day moving average price of $5.18 and a 200-day moving average price of $5.93. 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 results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business's revenue was down 23.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.
Insider Activity at Shoals Technologies Group
In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the company's stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company's stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.67% of the stock is currently owned by insiders.
Analyst Ratings Changes
A number of research analysts recently issued reports on the company. Truist Financial decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a report on Friday, September 6th. Barclays decreased their target price on Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating for the company in a report on Wednesday, November 13th. Wells Fargo & Company began coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an "equal weight" rating and a $46.00 price target for the company. Piper Sandler decreased their price target on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating for the company in a report on Friday, November 22nd. Finally, Morgan Stanley decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, November 15th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $11.31.
Check Out Our Latest Stock Report on Shoals Technologies Group
About Shoals Technologies Group
(
Free Report)
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.
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