Northern Trust Corp Grows Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Northern Trust Corp boosted its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 4.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 1,776,337 shares of the company's stock after acquiring an additional 77,633 shares during the period. Northern Trust Corp owned 1.07% of Shoals Technologies Group worth $9,823,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its stake 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 valued at $86,000 after acquiring an additional 2,652 shares during the period. Barclays PLC raised its stake in Shoals Technologies Group by 3.3% in the 4th quarter. Barclays PLC now owns 300,910 shares of the company's stock valued at $1,665,000 after acquiring an additional 9,668 shares during the period. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group in the 4th quarter valued at about $59,000. Federated Hermes Inc. raised its stake in Shoals Technologies Group by 0.8% in the 4th quarter. Federated Hermes Inc. now owns 1,693,684 shares of the company's stock valued at $9,366,000 after acquiring an additional 14,159 shares during the period. Finally, Cibc World Markets Corp bought a new stake in Shoals Technologies Group in the 4th quarter valued at about $87,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SHLS shares. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research report on Wednesday, March 12th. Piper Sandler decreased their price target on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a research report on Thursday, January 23rd. Oppenheimer decreased their price target on 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, Wolfe Research started coverage on Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating on the stock. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $8.40.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS traded up $0.02 during midday trading on Friday, hitting $4.59. 4,217,752 shares of the company's stock were exchanged, compared to its average volume of 6,001,845. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $8.52. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market cap of $766.51 million, a price-to-earnings ratio of 22.95, a PEG ratio of 0.52 and a beta of 1.52. The business's fifty day moving average price is $3.84 and its two-hundred day moving average price is $4.35.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $80.36 million during the quarter, compared to analysts' expectations of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's quarterly revenue was down 11.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 40,575 shares of company stock valued at $123,957 over the last quarter. 1.67% of the stock is owned by corporate insiders.

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.