Algert Global LLC Boosts Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Algert Global LLC increased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 124.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 202,811 shares of the company's stock after buying an additional 112,380 shares during the period. Algert Global LLC owned 0.12% of Shoals Technologies Group worth $1,138,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Shoals Technologies Group by 1.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company's stock worth $2,068,000 after buying an additional 1,857 shares during the last quarter. Van ECK Associates Corp boosted its stake in Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company's stock valued at $739,000 after purchasing an additional 2,517 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company's stock valued at $637,000 after purchasing an additional 3,699 shares during the last quarter. Point72 DIFC Ltd boosted its stake in Shoals Technologies Group by 12.8% during the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company's stock valued at $341,000 after purchasing an additional 6,206 shares during the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter valued at $54,000.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded down $0.04 on Friday, reaching $5.22. 3,652,515 shares of the company's stock traded hands, compared to its average volume of 5,005,636. The firm has a market cap of $870.17 million, a PE ratio of 26.10, a P/E/G ratio of 0.76 and a beta of 1.73. The stock has a 50-day simple moving average of $5.25 and a 200-day simple moving average of $5.97. 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, Inc. has a 12 month low of $4.07 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). The firm had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company's revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. Equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.67% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on SHLS. Northland Securities cut their target price on Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. lowered their price target on Shoals Technologies Group from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an "equal weight" rating and a $46.00 price target on the stock. Barclays lowered their price target on Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating on the stock in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reissued an "outperform" rating and set a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $11.31.

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.