Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,233,342 shares of the company's stock after purchasing an additional 1,125,938 shares during the period. Wellington Management Group LLP owned approximately 8.54% of Shoals Technologies Group worth $78,710,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock valued at $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Franklin Resources Inc. grew its holdings in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after acquiring an additional 658,617 shares during the last quarter. Erste Asset Management GmbH boosted its stake in shares of 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 valued at $20,269,000 after purchasing an additional 128,664 shares during the last quarter. Impax Asset Management Group plc lifted its position in shares of Shoals Technologies Group by 126.3% during the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after acquiring an additional 1,935,983 shares during the period. Finally, Norges Bank acquired a new position in Shoals Technologies Group during the fourth quarter worth $12,472,000.

Shoals Technologies Group Stock Down 9.8 %

Shares of Shoals Technologies Group stock traded down $0.36 during trading hours on Thursday, reaching $3.30. 1,113,631 shares of the company's stock were exchanged, compared to its average volume of 5,716,799. The company has a 50 day moving average of $3.61 and a two-hundred day moving average of $4.61. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $10.26. 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 has a market cap of $551.08 million, a P/E ratio of 16.58, a P/E/G ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Ratings Changes

SHLS has been the subject of a number of analyst reports. Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a "peer perform" rating for the company. Jefferies Financial Group lowered their target price on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research note on Wednesday, March 12th. Oppenheimer cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a report on Tuesday, January 28th. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a research report on Thursday, January 23rd. Finally, Truist Financial cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, January 16th. Three investment 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $8.87.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the 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 completion of the sale, the chief executive officer now owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 over the last quarter. Company insiders own 1.67% of the company's stock.

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.