Ameriprise Financial Inc. Grows Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Ameriprise Financial Inc. boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 45.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,882,420 shares of the company's stock after purchasing an additional 587,235 shares during the quarter. Ameriprise Financial Inc. owned about 1.13% of Shoals Technologies Group worth $10,410,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank purchased a new position in Shoals Technologies Group in the 4th quarter worth approximately $12,472,000. Impax Asset Management Group plc raised its stake in shares of Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock worth $19,083,000 after buying an additional 1,935,983 shares during the period. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock worth $78,710,000 after buying an additional 1,125,938 shares during the period. Invesco Ltd. boosted its stake in shares of Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock worth $35,480,000 after acquiring an additional 1,098,577 shares during the period. Finally, Callodine Capital Management LP purchased a new stake in Shoals Technologies Group during the 4th quarter valued at approximately $4,424,000.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Royal Bank of Canada decreased their price objective on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group boosted their price objective on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Oppenheimer cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Mizuho reduced their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. Finally, Roth Mkm lowered their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a report on Wednesday, February 26th. Four research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group presently has a consensus rating of "Hold" and an average target price of $8.40.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value 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. This trade represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold 40,575 shares of company stock worth $123,957 over the last three months. 1.67% of the stock is currently owned by corporate insiders.

Shoals Technologies Group Trading Down 2.9%

Shares of Shoals Technologies Group stock opened at $4.72 on Tuesday. The firm has a fifty day moving average price of $3.73 and a 200 day moving average price of $4.37. The stock has a market cap of $788.22 million, a PE ratio of 23.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same period last year, the firm earned $0.07 earnings per share. Shoals Technologies Group's revenue for the quarter was down 11.2% compared to the same quarter last year. Equities research analysts predict 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.

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