Wellington Management Group LLP Increases Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 14.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,107,404 shares of the company's stock after acquiring an additional 1,666,691 shares during the quarter. Wellington Management Group LLP owned 7.87% of Shoals Technologies Group worth $73,533,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SHLS. Point72 Asset Management L.P. boosted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company's stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the period. Erste Asset Management GmbH acquired a new stake in Shoals Technologies Group during the 3rd quarter valued at $20,191,000. Millennium Management LLC boosted its position in Shoals Technologies Group by 262.8% during the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company's stock worth $21,039,000 after purchasing an additional 2,442,227 shares during the period. Handelsbanken Fonder AB boosted its position in Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company's stock worth $15,212,000 after purchasing an additional 690,344 shares during the period. Finally, Verition Fund Management LLC increased its holdings in shares of Shoals Technologies Group by 938.3% in the third quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company's stock valued at $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Roth Mkm reduced their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Friday, September 6th. Piper Sandler decreased their target price on Shoals Technologies Group from $10.00 to $8.00 and set an "overweight" rating on the stock in a research report on Friday, November 22nd. Morgan Stanley lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, November 15th. JPMorgan Chase & Co. decreased their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an "overweight" rating on the stock in a report on Thursday, October 17th. Finally, Barclays dropped 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. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.31.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last three months, insiders have sold 8,920 shares of company stock valued at $45,863. Corporate insiders own 1.67% of the company's stock.

Shoals Technologies Group Stock Down 1.9 %

Shoals Technologies Group stock traded down $0.09 during midday trading on Wednesday, reaching $4.57. The stock had a trading volume of 2,771,777 shares, compared to its average volume of 4,975,204. The company has a fifty day moving average price of $5.10 and a two-hundred day moving average price of $5.84. Shoals Technologies Group, Inc. has a 12 month low of $4.07 and a 12 month high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $761.81 million, a P/E ratio of 23.30, a PEG ratio of 0.66 and a beta of 1.69.

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 analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the company earned $0.16 earnings per share. Shoals Technologies Group's revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.