Shoals Technologies Group, Inc. (NASDAQ:SHLS) Holdings Decreased by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 16.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,857,658 shares of the company's stock after selling 365,917 shares during the period. Clearbridge Investments LLC owned about 1.11% of Shoals Technologies Group worth $10,273,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Impax Asset Management Group plc grew its position in shares of Shoals Technologies Group by 126.3% during the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after buying an additional 1,935,983 shares during the last quarter. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company's stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period. RWC Asset Management LLP bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at 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 period. Finally, Franklin Resources Inc. lifted its holdings in shares of Shoals Technologies Group by 16.1% in the 3rd 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.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 in the company, valued at $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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 40,575 shares of company stock valued at $123,957 over the last three months. Insiders own 1.67% of the company's stock.

Shoals Technologies Group Price Performance

SHLS stock traded up $0.24 on Monday, hitting $3.38. 12,268,135 shares of the company's stock traded hands, compared to its average volume of 5,698,147. 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 stock has a market cap of $564.44 million, a price-to-earnings ratio of 16.90, a P/E/G ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $10.79. The stock has a fifty day moving average of $3.70 and a 200-day moving average of $4.67.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced 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 analyst estimates of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group's revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Roth Mkm dropped their target price on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Jefferies Financial Group cut their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research report on Wednesday, March 12th. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, February 26th. Mizuho decreased their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Finally, Morgan Stanley raised Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price target on the stock in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average price target of $8.87.

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.