Brevan Howard Capital Management LP Takes $390,000 Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Brevan Howard Capital Management LP purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 70,569 shares of the company's stock, valued at approximately $390,000.

Several other hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its holdings in Shoals Technologies Group by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after purchasing an additional 576,736 shares during the last quarter. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% during the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock worth $78,710,000 after purchasing an additional 1,125,938 shares during the last quarter. Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% during the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock worth $35,480,000 after purchasing an additional 1,098,577 shares during the last quarter. Franklin Resources Inc. raised its holdings in Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after purchasing an additional 658,617 shares during the last quarter. Finally, Erste Asset Management GmbH raised its holdings in Shoals Technologies Group by 3.7% during the fourth 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.

Shoals Technologies Group Trading Up 4.0%

SHLS stock traded up $0.19 during trading on Friday, reaching $4.77. 6,248,249 shares of the stock traded hands, compared to its average volume of 6,020,817. The business's 50 day moving average price is $3.66 and its 200-day moving average price is $4.39. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $8.52. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm has a market capitalization of $795.73 million, a PE ratio of 24.04, a P/E/G ratio of 0.52 and a beta of 1.52.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The company had revenue of $80.36 million for the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 EPS. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 40,575 shares of company stock worth $123,957 over the last quarter. 1.67% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SHLS. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target for the company. in a research report on Thursday. The Goldman Sachs Group raised their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. Citigroup raised their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Jefferies Financial Group dropped their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research report on Wednesday, March 12th. Finally, UBS Group dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $8.40.

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.