Victory Capital Management Inc. Increases Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Victory Capital Management Inc. raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 344.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,999 shares of the company's stock after purchasing an additional 131,718 shares during the period. Victory Capital Management Inc. owned 0.10% of Shoals Technologies Group worth $940,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 14.6% during the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period. Point72 Asset Management L.P. grew its stake in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after purchasing an additional 1,935,983 shares in the last quarter. Finally, Erste Asset Management GmbH bought a new position in Shoals Technologies Group in the third quarter valued at about $20,191,000.

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Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 40,575 shares of company stock valued at $123,957. Corporate insiders own 1.67% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Mizuho decreased their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a report on Friday, January 24th. Roth Mkm lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Bank of America assumed coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They set a "buy" rating and a $6.00 price target on the stock. Truist Financial cut their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. Finally, Morgan Stanley upgraded shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target for the company in a research report on Tuesday, December 17th. Three 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. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group Stock Up 0.3 %

Shares of NASDAQ:SHLS traded up $0.01 during trading on Monday, reaching $3.32. 4,917,189 shares of the stock were exchanged, compared to its average volume of 5,590,753. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $12.30. The stock has a fifty day moving average of $4.03 and a two-hundred day moving average of $4.89. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm has a market cap of $554.42 million, a price-to-earnings ratio of 16.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings data 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 business had revenue of $107.00 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 17.9% on a year-over-year basis. During the same period last year, the business posted $0.12 earnings per share. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

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.