Arosa Capital Management LP Sells 228,384 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Arosa Capital Management LP decreased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 16.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,121,616 shares of the company's stock after selling 228,384 shares during the period. Shoals Technologies Group comprises 2.5% of Arosa Capital Management LP's portfolio, making the stock its 13th largest holding. Arosa Capital Management LP owned 0.67% of Shoals Technologies Group worth $6,203,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SHLS. Barclays PLC raised its position in shares of Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company's stock valued at $1,634,000 after buying an additional 59,856 shares during the last quarter. Franklin Resources Inc. increased its holdings 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 purchasing an additional 658,617 shares in the last quarter. Oddo BHF Asset Management Sas purchased a new position in shares of Shoals Technologies Group in the third quarter valued at $692,000. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group in the fourth quarter worth $59,000. Finally, SG Americas Securities LLC acquired a new stake in Shoals Technologies Group during the fourth quarter valued at approximately $185,000.

Analyst Upgrades and Downgrades

SHLS has been the subject of several recent analyst reports. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research note on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 23rd. Truist Financial cut 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 Thursday, January 16th. Barclays dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research note on Friday, January 17th. Finally, Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a "peer perform" rating on the stock. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $8.87.

Shoals Technologies Group Trading Up 4.4 %

Shares of NASDAQ:SHLS traded up $0.16 during mid-day trading on Thursday, hitting $3.77. The company had a trading volume of 5,390,080 shares, compared to its average volume of 5,808,158. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $9.17. The firm has a fifty day moving average price of $3.34 and a 200 day moving average price of $4.41. The company has a market capitalization of $629.57 million, a PE ratio of 18.85, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $102.16 million. During the same period in the prior year, the firm posted $0.12 EPS. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is owned by insiders.

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.