Swedbank AB Cuts Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Swedbank AB reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 31.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 460,375 shares of the company's stock after selling 209,055 shares during the period. Swedbank AB owned approximately 0.28% of Shoals Technologies Group worth $2,546,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SHLS. Wellington Management Group LLP raised its stake 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 worth $73,533,000 after purchasing an additional 1,666,691 shares during the period. Point72 Europe London LLP purchased a new position in Shoals Technologies Group during the third quarter worth about $1,461,000. Handelsbanken Fonder AB raised its stake in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock worth $15,212,000 after purchasing an additional 690,344 shares during the period. Erste Asset Management GmbH purchased a new position in Shoals Technologies Group during the third quarter worth about $20,191,000. Finally, Roubaix Capital LLC purchased a new position in Shoals Technologies Group during the third quarter worth about $2,156,000.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders sold 6,460 shares of company stock worth $30,271. 0.36% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Oppenheimer reduced their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Mizuho dropped their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. JPMorgan Chase & Co. dropped their price target on shares of 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. Truist Financial dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. Finally, TD Cowen lifted their price target on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $9.48.

Shoals Technologies Group Stock Down 1.5 %

Shares of NASDAQ:SHLS traded down $0.07 during trading on Wednesday, hitting $4.57. 4,377,145 shares of the company were exchanged, compared to its average volume of 6,871,606. The stock has a market capitalization of $761.82 million, a P/E ratio of 22.85, a PEG ratio of 0.55 and a beta of 1.62. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. The firm's 50 day moving average price is $5.05 and its 200-day moving average price is $5.37.

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 the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's quarterly revenue was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 EPS. 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 Company 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.