UniSuper Management Pty Ltd Reduces Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

UniSuper Management Pty Ltd trimmed its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 11.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,063,306 shares of the company's stock after selling 134,300 shares during the period. UniSuper Management Pty Ltd owned approximately 0.64% of Shoals Technologies Group worth $5,880,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. FMR LLC raised its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $59,000. Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at $87,000. Versor Investments LP purchased a new position in Shoals Technologies Group in the 4th quarter worth $91,000. Finally, Stratos Wealth Partners LTD. bought a new stake in Shoals Technologies Group in the fourth quarter worth $110,000.

Shoals Technologies Group Stock Down 2.0 %

Shares of SHLS stock traded down $0.07 on Tuesday, hitting $3.25. The stock had a trading volume of 1,285,742 shares, compared to its average volume of 5,640,556. 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 one year low of $2.71 and a one year high of $11.60. The business has a 50 day moving average price of $3.84 and a 200 day moving average price of $4.78. The company has a market cap of $543.07 million, a PE ratio of 16.26, a P/E/G ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same period last year, the firm earned $0.12 EPS. The business's quarterly revenue was down 17.9% on a year-over-year basis. Research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on SHLS shares. Piper Sandler decreased their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a report on Wednesday, February 26th. UBS Group decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Morgan Stanley raised Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective for the company in a research note on Tuesday, December 17th. Oppenheimer decreased 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. Finally, Royal Bank of Canada dropped their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a research report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $8.87.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 over the last quarter. 1.67% of the stock is owned by corporate insiders.

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.