Verition Fund Management LLC Buys 2,034,291 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Verition Fund Management LLC raised its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 938.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,251,093 shares of the company's stock after purchasing an additional 2,034,291 shares during the period. Verition Fund Management LLC owned approximately 1.35% of Shoals Technologies Group worth $12,629,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at about $54,000. TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group during the 3rd quarter valued at about $60,000. Mackenzie Financial Corp bought a new position in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group in the 2nd quarter worth approximately $68,000.

Insider Buying and Selling

In other news, CEO Brandon Moss acquired 22,300 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was 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 directly owns 593,700 shares in the company, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 1.67% of the stock is currently owned by company insiders.

Shoals Technologies Group Stock Down 0.8 %

Shares of SHLS stock traded down $0.04 during trading hours on Friday, hitting $5.22. 3,654,618 shares of the company's stock traded hands, compared to its average volume of 5,895,047. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock's fifty day simple moving average is $5.25 and its two-hundred day simple moving average is $5.97. Shoals Technologies Group, Inc. has a 12-month low of $4.07 and a 12-month high of $17.50. The stock has a market cap of $870.17 million, a price-to-earnings ratio of 26.10, a PEG ratio of 0.76 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million for the quarter, compared to analysts' expectations of $98.86 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's quarterly revenue was down 23.8% compared to the same quarter last year. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on SHLS shares. Royal Bank of Canada reissued an "outperform" rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Barclays cut their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an "equal weight" rating on the stock in a report on Wednesday, November 13th. Roth Capital lowered shares of Shoals Technologies Group from a "hold" rating to a "strong sell" rating in a report on Wednesday, August 7th. BNP Paribas cut Shoals Technologies Group from an "outperform" rating to a "neutral" rating and cut their target price for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Finally, UBS Group lowered their price target on Shoals Technologies Group from $12.00 to $9.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Three 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 company's stock. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of "Hold" and a consensus target price 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.