William Blair Investment Management LLC Reduces Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

William Blair Investment Management LLC lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 96.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 68,406 shares of the company's stock after selling 1,867,411 shares during the period. William Blair Investment Management LLC's holdings in Shoals Technologies Group were worth $378,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its position in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth approximately $59,000. Cibc World Markets Corp purchased a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $87,000. Versor Investments LP bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at $91,000. Finally, GSA Capital Partners LLP bought a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $104,000.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Truist Financial cut their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. Piper Sandler lowered their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Roth Mkm cut their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Morgan Stanley upgraded shares of Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target for the company in a report on Tuesday, December 17th. Finally, Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and an average price target of $8.87.

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Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company's stock.

Shoals Technologies Group Stock Up 0.3 %

SHLS stock traded up $0.01 during midday trading on Monday, hitting $3.32. The company's stock had a trading volume of 4,917,189 shares, compared to its average volume of 5,590,753. The firm's 50-day moving average is $4.03 and its 200-day moving average is $4.89. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $12.30. The company has a market cap of $554.42 million, a PE ratio of 16.60, a P/E/G ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) 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 business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period in the previous year, the company earned $0.12 earnings per share. The company's revenue for the quarter was down 17.9% compared to the same quarter last year. On average, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

About Shoals Technologies Group

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.