Decade Renewable Partners LP Invests $1.30 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Decade Renewable Partners LP purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 235,103 shares of the company's stock, valued at approximately $1,300,000. Shoals Technologies Group accounts for approximately 0.6% of Decade Renewable Partners LP's portfolio, making the stock its 29th biggest holding. Decade Renewable Partners LP owned 0.14% of Shoals Technologies Group as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $59,000. Tower Research Capital LLC TRC boosted its holdings in Shoals Technologies Group by 20.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after buying an additional 2,652 shares during the last quarter. Cibc World Markets Corp acquired a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $87,000. Versor Investments LP purchased a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $91,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in shares of Shoals Technologies Group in the fourth quarter worth approximately $110,000.

Analysts Set New Price Targets

Several brokerages have issued reports on SHLS. Mizuho lowered their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating for the company. Oppenheimer reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 28th. Finally, The Goldman Sachs Group decreased their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $8.87.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last quarter, insiders sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company's stock.

Shoals Technologies Group Stock Performance

Shares of SHLS traded up $0.16 during mid-day trading on Thursday, hitting $3.77. 5,390,094 shares of the company's stock were exchanged, compared to its average volume of 5,817,101. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $9.17. The business's 50 day moving average is $3.34 and its two-hundred day moving average is $4.41. The firm has a market capitalization of $629.57 million, a P/E ratio of 18.85, a P/E/G ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same period in the previous year, the firm posted $0.12 EPS. The company's revenue for the quarter was down 17.9% on a year-over-year basis. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

About Shoals Technologies Group

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.