UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Cuts Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 47.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 422,348 shares of the company's stock after selling 376,566 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.25% of Shoals Technologies Group worth $2,369,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC boosted its position in Shoals Technologies Group by 48.9% in the third 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. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group in the second quarter worth $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $64,000. TrinityPoint Wealth LLC purchased a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $60,000. Finally, American Trust purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $68,000.

Shoals Technologies Group Price Performance

NASDAQ SHLS remained flat at $4.41 on Friday. The company's stock had a trading volume of 2,980,978 shares, compared to its average volume of 4,569,187. The company has a market capitalization of $735.15 million, a price-to-earnings ratio of 22.05, a price-to-earnings-growth ratio of 0.64 and a beta of 1.69. 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 52 week low of $4.07 and a 52 week high of $17.50. The company's 50-day moving average price is $5.06 and its two-hundred day moving average price is $5.79.

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

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company's stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold 8,920 shares of company stock worth $45,863 over the last 90 days. Corporate insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Truist Financial dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, September 6th. Wells Fargo & Company started coverage on Shoals Technologies Group in a report on Monday, October 14th. They issued an "equal weight" rating and a $46.00 price objective for the company. Bank of America assumed coverage on Shoals Technologies Group in a report on Monday, November 25th. They set a "buy" rating and a $6.00 target price for the company. TD Cowen increased their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Finally, Piper Sandler decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating for the company in a research report on Friday, November 22nd. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $11.31.

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.