Millennium Management LLC Sells 2,176,645 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Millennium Management LLC lessened its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 91.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,812 shares of the company's stock after selling 2,176,645 shares during the period. Millennium Management LLC owned about 0.12% of Shoals Technologies Group worth $1,116,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tower Research Capital LLC TRC grew its holdings 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 worth $86,000 after buying an additional 2,652 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $87,000. Versor Investments LP bought a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $91,000. Granahan Investment Management LLC acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $99,000. Finally, Stratos Wealth Partners LTD. bought a new stake in shares of Shoals Technologies Group in the fourth quarter worth $110,000.

Analyst Ratings Changes

Several research analysts recently commented on the company. Jefferies Financial Group reduced their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research report on Wednesday, March 12th. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective for the company. in a report on Thursday, May 15th. Citigroup raised their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. BNP Paribas reaffirmed 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, May 15th. Finally, Roth Mkm decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $8.45.

Shoals Technologies Group Trading Up 4.5%

SHLS stock traded up $0.22 on Friday, reaching $5.16. The company's stock had a trading volume of 3,947,956 shares, compared to its average volume of 5,957,699. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a fifty day simple moving average of $4.08 and a two-hundred day simple moving average of $4.32. The firm has a market cap of $862.62 million, a PE ratio of 25.80, a PEG ratio of 0.52 and a beta of 1.64. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $7.96.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly 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 the consensus estimate of $74.66 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Shoals Technologies Group Company 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.