Point72 Asset Management L.P. Has $38.40 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Point72 Asset Management L.P. grew its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 460.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,844,222 shares of the company's stock after acquiring an additional 5,622,207 shares during the quarter. Point72 Asset Management L.P. owned 4.11% of Shoals Technologies Group worth $38,396,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. FMR LLC increased its stake in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $54,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Finally, American Trust bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $68,000.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the business's stock in a transaction dated Thursday, November 21st. The shares were purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares of the company's stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 1.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Jefferies Financial Group started coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a "hold" rating and a $5.00 price target for the company. Truist Financial reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating for the company in a research report on Friday, September 6th. TD Cowen upped their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. Finally, Roth Mkm reduced their price target on 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. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Shoals Technologies Group has a consensus rating of "Hold" and an average target price of $11.31.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS traded down $0.25 during mid-day trading on Thursday, reaching $4.64. The company had a trading volume of 3,530,649 shares, compared to its average volume of 4,980,354. 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 one year low of $4.07 and a one year high of $17.50. The firm has a market cap of $773.48 million, a price-to-earnings ratio of 23.20, a PEG ratio of 0.71 and a beta of 1.69. The business's 50-day simple moving average is $5.18 and its 200 day simple moving average is $5.93.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business 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 quarterly revenue was down 23.8% compared to the same quarter last year. During the same period last year, the business earned $0.16 earnings per share. On average, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

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.