Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Voloridge Investment Management LLC

Voloridge Investment Management LLC lessened its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 55.9% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 463,869 shares of the company's stock after selling 588,694 shares during the period. Voloridge Investment Management LLC owned 0.28% of Shoals Technologies Group worth $2,565,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Goodlander Investment Management LLC acquired a new stake in Shoals Technologies Group during the 4th quarter worth $8,295,000. Schonfeld Strategic Advisors LLC increased its position in shares of Shoals Technologies Group by 189.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock worth $684,000 after purchasing an additional 80,911 shares in the last quarter. Impax Asset Management Group plc increased its position in Shoals Technologies Group by 126.3% during 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. Ameriprise Financial Inc. increased its position in Shoals Technologies Group by 45.3% during the fourth 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. Finally, RWC Asset Management LLP acquired a new position in Shoals Technologies Group during the fourth quarter worth approximately $1,891,000.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SHLS. Royal Bank of Canada cut their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Wolfe Research started coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a "peer perform" rating on the stock. Piper Sandler dropped 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. Guggenheim lifted 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 note on Friday, May 9th. Finally, Citigroup boosted their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. 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, the company presently has an average rating of "Hold" and an average price target of $8.40.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction that occurred on 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 directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 40,575 shares of company stock worth $123,957 over the last quarter. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Price Performance

Shares of SHLS traded up $0.47 during trading hours on Friday, reaching $4.78. 7,748,122 shares of the company traded hands, compared to its average volume of 5,992,795. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $799.10 million, a PE ratio of 23.90, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $8.05. The stock has a fifty day simple moving average of $3.97 and a 200 day simple moving average of $4.31.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $80.36 million for the quarter, compared to analyst estimates of $74.66 million. During the same period in the previous year, the business earned $0.07 EPS. The firm's revenue was down 11.2% on a year-over-year basis. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal 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.