Bank of America Corp DE Sells 383,851 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bank of America Corp DE lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 42.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 531,104 shares of the company's stock after selling 383,851 shares during the quarter. Bank of America Corp DE owned approximately 0.32% of Shoals Technologies Group worth $2,937,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. BNP Paribas Financial Markets acquired a new stake in Shoals Technologies Group in the fourth quarter worth about $3,107,000. Ameriprise Financial Inc. grew its position in shares of Shoals Technologies Group by 45.3% during the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company's stock worth $10,410,000 after buying an additional 587,235 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Shoals Technologies Group during the 4th quarter worth approximately $238,000. Freestone Grove Partners LP bought a new stake in shares of Shoals Technologies Group during the fourth quarter worth approximately $2,895,000. Finally, Comerica Bank lifted its holdings in Shoals Technologies Group by 73.2% in the fourth quarter. Comerica Bank now owns 162,648 shares of the company's stock valued at $899,000 after buying an additional 68,725 shares during the period.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHLS. Royal Bank of Canada lowered their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Jefferies Financial Group reduced their target price on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. The Goldman Sachs Group boosted their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday, May 7th. 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. Finally, Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. Four investment 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's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $8.45.

Shoals Technologies Group Stock Up 0.6%

NASDAQ:SHLS traded up $0.03 during trading hours on Wednesday, reaching $4.90. 2,883,965 shares of the stock were exchanged, compared to its average volume of 5,962,666. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $7.96. The firm has a 50 day moving average of $4.05 and a 200 day moving average of $4.31. The stock has a market cap of $819.16 million, a PE ratio of 24.50, a PEG ratio of 0.52 and a beta of 1.64. 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 results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. During the same period last year, the firm earned $0.07 earnings per share. The company's quarterly revenue was down 11.2% compared to the same quarter last year. On average, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current 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.