Adage Capital Partners GP L.L.C. Takes $2.21 Million Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Adage Capital Partners GP L.L.C. bought a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 400,000 shares of the company's stock, valued at approximately $2,212,000. Adage Capital Partners GP L.L.C. owned approximately 0.24% of Shoals Technologies Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of SHLS. Impax Asset Management Group plc boosted its position in shares of Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock worth $19,083,000 after buying an additional 1,935,983 shares in the last quarter. RWC Asset Management LLP purchased a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $1,891,000. Erste Asset Management GmbH raised its position in shares of Shoals Technologies Group by 3.7% during the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after purchasing an additional 128,664 shares during the last quarter. Franklin Resources Inc. lifted its stake in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 shares in the last quarter. Finally, Cidel Asset Management Inc. acquired a new stake in Shoals Technologies Group during the 4th quarter valued at $326,000.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. 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. Truist Financial dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, January 16th. The Goldman Sachs Group lowered their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Finally, Oppenheimer cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a report on Tuesday, January 28th. Three equities 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. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $8.87.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by company insiders.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded up $0.07 on Friday, reaching $3.84. The stock had a trading volume of 6,051,196 shares, compared to its average volume of 5,827,645. The company has a market capitalization of $641.26 million, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. The stock has a fifty day moving average price of $3.32 and a 200-day moving average price of $4.39. 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 1-year low of $2.71 and a 1-year high of $9.17.

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). The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

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.