Comerica Bank Increases Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Comerica Bank increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 73.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 162,648 shares of the company's stock after acquiring an additional 68,725 shares during the quarter. Comerica Bank owned approximately 0.10% of Shoals Technologies Group worth $899,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at about $59,000. Tower Research Capital LLC TRC lifted its position in shares of Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock valued at $86,000 after buying an additional 2,652 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at about $87,000. Versor Investments LP purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at about $91,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Shoals Technologies Group during the fourth quarter valued at about $110,000.

Insider Transactions at Shoals Technologies Group

In other 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 transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 40,575 shares of company stock valued at $123,957 in the last 90 days. 1.67% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. BNP Paribas reissued an "underperform" rating and set a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday. Citigroup increased their price target on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler decreased their price target on shares of 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. UBS Group decreased their price objective 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 Wednesday, February 26th. Finally, BNP Paribas Exane lowered shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a research report on Thursday. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $8.40.

Shoals Technologies Group Stock Performance

SHLS traded down $0.14 during trading on Monday, reaching $4.72. 7,978,379 shares of the company's stock were exchanged, compared to its average volume of 6,056,149. The stock has a market capitalization of $788.22 million, a P/E ratio of 23.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $8.52. The company's fifty day simple moving average is $3.73 and its 200-day simple moving average is $4.37. 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 (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 firm 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%. Shoals Technologies Group's revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 EPS. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Shoals Technologies Group 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.