Swedbank AB Sells 663,203 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Swedbank AB lessened its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 49.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 669,430 shares of the company's stock after selling 663,203 shares during the quarter. Swedbank AB owned 0.40% of Shoals Technologies Group worth $3,756,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHLS. Vanguard Group Inc. boosted its holdings in Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company's stock valued at $184,825,000 after purchasing an additional 171,273 shares in the last quarter. Millennium Management LLC boosted its stake in Shoals Technologies Group by 262.8% in the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock valued at $21,039,000 after buying an additional 2,442,227 shares in the last quarter. Handelsbanken Fonder AB grew its position in Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock valued at $15,212,000 after acquiring an additional 690,344 shares during the period. Impax Asset Management Group plc lifted its holdings in shares of Shoals Technologies Group by 19.4% during the third quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company's stock valued at $8,602,000 after acquiring an additional 249,582 shares during the period. Finally, Federated Hermes Inc. boosted its stake in shares of Shoals Technologies Group by 8,389.5% in the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company's stock valued at $7,628,000 after purchasing an additional 1,208,082 shares in the last quarter.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SHLS shares. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a research report on Wednesday, September 4th. They set a "hold" rating and a $5.00 target price for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Wells Fargo & Company began coverage on Shoals Technologies Group in a research note on Monday, October 14th. They issued an "equal weight" rating and a $46.00 target price for the company. Barclays lowered their target price on Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating for the company in a report on Wednesday, November 13th. Finally, Northland Securities cut their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an "underperform" rating for the company in a research note on Thursday, August 8th. Three equities 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 stock. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and a consensus price target of $11.31.

Shoals Technologies Group Stock Performance

NASDAQ SHLS traded up $0.25 on Thursday, reaching $5.26. 3,813,759 shares of the stock were exchanged, compared to its average volume of 5,011,508. The firm has a market capitalization of $876.84 million, a PE ratio of 26.30, a PEG ratio of 0.73 and a beta of 1.73. Shoals Technologies Group, Inc. has a one year low of $4.07 and a one year high of $17.50. The company's 50-day simple moving average is $5.31 and its two-hundred day simple moving average is $6.00. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the prior year, the company posted $0.16 EPS. The company's quarterly revenue was down 23.8% on a year-over-year basis. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Brandon Moss purchased 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The shares were bought at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.36% of the stock is owned by insiders.

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.