Thrivent Financial for Lutherans Buys New Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Thrivent Financial for Lutherans purchased a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 218,398 shares of the company's stock, valued at approximately $1,207,000. Thrivent Financial for Lutherans owned about 0.13% of Shoals Technologies Group as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Intech Investment Management LLC purchased a new position in shares of Shoals Technologies Group during the third quarter worth approximately $255,000. FMR LLC grew its position in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after purchasing an additional 1,906 shares during the last quarter. Janus Henderson Group PLC grew its position in Shoals Technologies Group by 2.3% during the 3rd quarter. Janus Henderson Group PLC now owns 294,598 shares of the company's stock worth $1,653,000 after purchasing an additional 6,503 shares during the last quarter. Maven Securities LTD acquired a new position in Shoals Technologies Group in the third quarter valued at $252,000. Finally, Point72 Asset Management L.P. raised its holdings in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock valued at $38,396,000 after buying an additional 5,622,207 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated 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 in the company, valued at $3,227,500.21. This represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 40,575 shares of company stock valued at $123,957. Insiders own 1.67% of the company's stock.

Remove Ads

Shoals Technologies Group Price Performance

Shoals Technologies Group stock traded up $0.09 during mid-day trading on Friday, hitting $3.14. 5,174,951 shares of the company were exchanged, compared to its average volume of 5,671,860. 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 company has a market capitalization of $524.36 million, a P/E ratio of 15.70, a PEG ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $10.79. The business's 50 day simple moving average is $3.73 and its two-hundred day simple moving average is $4.70.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same period in the prior year, the firm earned $0.12 EPS. The business's quarterly revenue was down 17.9% on a year-over-year basis. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. UBS Group lowered their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. Oppenheimer decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a report on Tuesday, January 28th. Piper Sandler dropped their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Finally, 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 report on Wednesday, March 12th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of "Hold" and a consensus price target of $8.87.

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.