Renaissance Technologies LLC Invests $2.16 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Renaissance Technologies LLC purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 389,700 shares of the company's stock, valued at approximately $2,155,000. Renaissance Technologies LLC owned 0.23% of Shoals Technologies Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Shoals Technologies Group by 3.5% during the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after purchasing an additional 576,736 shares during the last quarter. Wellington Management Group LLP grew its stake in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after acquiring an additional 1,125,938 shares in the last quarter. Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Franklin Resources Inc. raised its holdings in 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 acquiring an additional 658,617 shares during the last quarter. Finally, Erste Asset Management GmbH lifted its stake in Shoals Technologies Group by 3.7% in the 4th 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 in the last quarter.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS traded up $0.09 on Monday, hitting $3.73. The company's stock had a trading volume of 5,465,274 shares, compared to its average volume of 5,778,371. The company has a market capitalization of $622.89 million, a price-to-earnings ratio of 18.65, 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 quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $9.17. The stock's 50-day moving average is $3.38 and its two-hundred day moving average is $4.42.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million for 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 firm's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. On average, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company's stock, 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 is accessible through the SEC website. In the last 90 days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on SHLS. Truist Financial reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, January 16th. Roth Mkm lowered their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Jefferies Financial Group cut their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research report on Wednesday, March 12th. Oppenheimer cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a research note on Tuesday, January 28th. Finally, Barclays decreased their price target on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a research note on Friday, January 17th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and an average target price 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.