Two Sigma Investments LP Acquires 189,754 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Two Sigma Investments LP increased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 40.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 657,589 shares of the company's stock after purchasing an additional 189,754 shares during the quarter. Two Sigma Investments LP owned approximately 0.39% of Shoals Technologies Group worth $3,636,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of SHLS. Norges Bank bought a new stake in shares of Shoals Technologies Group in the 4th quarter valued at about $12,472,000. Impax Asset Management Group plc raised its holdings in Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company's stock valued at $19,083,000 after acquiring an additional 1,935,983 shares during the period. Goodlander Investment Management LLC bought a new position in Shoals Technologies Group in the 4th quarter valued at about $8,295,000. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after acquiring an additional 1,125,938 shares during the period. Finally, Invesco Ltd. raised its holdings in Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the period.

Insider Buying and Selling

In other Shoals Technologies Group 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 owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In the last 90 days, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company's stock.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS traded up $0.47 during trading hours on Friday, hitting $4.78. 7,748,122 shares of the stock were exchanged, compared to its average volume of 5,992,795. 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 company has a market cap 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. The company's fifty day simple moving average is $3.97 and its two-hundred day simple moving average is $4.31. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $8.05.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly 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 for the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business's revenue was down 11.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analyst Weigh In

SHLS has been the topic of several research analyst reports. Guggenheim increased their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a report on Friday, May 9th. BNP Paribas reissued an "underperform" rating and issued a $4.00 price target (down from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a "peer perform" rating on the stock. BNP Paribas Exane cut shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price target on the stock. in a report on Thursday, May 15th. Finally, Royal Bank of Canada lowered their price target 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. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average target price of $8.40.

About Shoals Technologies Group

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.