Assenagon Asset Management S.A. Has $613,000 Holdings in Shoals Technologies Group, Inc. $SHLS

Key Points

• Assenagon Asset Management slashed its Shoals Technologies Group position by 77.5% in the first quarter, leaving it with 93,140 shares valued at about $613,000.
• Shoals saw mixed insider activity, with CFO Dominic Bardos and insider Bobbie Lee King, Jr. both selling shares in recent transactions.
• Analysts remain generally constructive on SHLS, with a consensus rating of Moderate Buy and an average price target of $9.79, while the company recently beat earnings and revenue estimates for the quarter.

Assenagon Asset Management S.A. cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 77.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,140 shares of the company's stock after selling 321,405 shares during the period. Assenagon Asset Management S.A. owned about 0.06% of Shoals Technologies Group worth $613,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in Shoals Technologies Group by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company's stock worth $115,550,000 after acquiring an additional 404,133 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company's stock valued at $108,410,000 after purchasing an additional 7,685,515 shares in the last quarter. Peconic Partners LLC increased its holdings in shares of Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock valued at $29,645,000 after purchasing an additional 3,095,186 shares in the last quarter. First Trust Advisors LP raised its position in Shoals Technologies Group by 1,493.0% in the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company's stock worth $53,819,000 after purchasing an additional 5,934,223 shares during the last quarter. Finally, UBS Group AG raised its position in Shoals Technologies Group by 87.6% in the 4th quarter. UBS Group AG now owns 6,140,543 shares of the company's stock worth $52,195,000 after purchasing an additional 2,867,959 shares during the last quarter.

Insider Activity

In other Shoals Technologies Group news, CFO Dominic Bardos sold 54,449 shares of the company's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares of the company's stock, valued at $3,349,421.92. This represents a 12.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the transaction, the insider directly owned 98,918 shares of the company's stock, valued at $1,029,736.38. This represents a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on SHLS shares. Guggenheim reiterated a "buy" rating on shares of Shoals Technologies Group in a research report on Friday, May 22nd. Barclays boosted their target price on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. JPMorgan Chase & Co. raised their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Wells Fargo & Company raised their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an "equal weight" rating in a report on Thursday, June 11th. Finally, UBS Group boosted their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.79.

Shoals Technologies Group Trading Down 1.7%

SHLS opened at $9.95 on Friday. The firm's fifty day moving average is $9.80 and its two-hundred day moving average is $8.71. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.07 and a current ratio of 1.84. The firm has a market cap of $1.67 billion, a PE ratio of 49.75, a price-to-earnings-growth ratio of 1.23 and a beta of 1.90. Shoals Technologies Group, Inc. has a twelve month low of $4.43 and a twelve month high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million during the quarter, compared to analysts' expectations of $129.16 million. The firm's revenue was up 74.4% on a year-over-year basis. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.