Two Sigma Investments LP Boosts Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Two Sigma Investments LP boosted its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 40.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. 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 about 0.39% of Shoals Technologies Group worth $3,636,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. State of Wyoming grew its holdings in Shoals Technologies Group by 250.7% in the fourth quarter. State of Wyoming now owns 15,117 shares of the company's stock worth $84,000 after purchasing an additional 10,806 shares during the period. Raiffeisen Bank International AG acquired a new position in shares of Shoals Technologies Group during the fourth quarter valued at about $1,692,000. Redwood Grove Capital LLC grew its holdings in shares of Shoals Technologies Group by 12.8% during the fourth quarter. Redwood Grove Capital LLC now owns 2,054,273 shares of the company's stock valued at $11,360,000 after buying an additional 233,373 shares during the last quarter. ProShare Advisors LLC grew its holdings in shares of Shoals Technologies Group by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 73,817 shares of the company's stock valued at $408,000 after buying an additional 24,287 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in shares of Shoals Technologies Group by 37.5% during the fourth quarter. Nuveen Asset Management LLC now owns 665,331 shares of the company's stock valued at $3,679,000 after buying an additional 181,444 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SHLS. 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 report on Friday, May 9th. UBS Group reduced their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Wednesday, February 26th. Royal Bank of Canada reduced their price objective 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. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a report on Wednesday, February 26th. Finally, BNP Paribas reiterated an "underperform" rating and set a $4.00 price objective (down from $4.50) on shares of Shoals Technologies Group in a report on Thursday, May 15th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average price target of $8.45.

Shoals Technologies Group Stock Performance

SHLS stock traded down $0.16 during mid-day trading on Monday, hitting $4.56. The company had a trading volume of 3,936,019 shares, compared to its average volume of 5,984,530. The firm has a market cap of $762.32 million, a PE ratio of 22.80, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $8.05. The stock's fifty day moving average price is $3.99 and its two-hundred day moving average price is $4.31.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). The company had revenue of $80.36 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm posted $0.07 EPS. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated 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 of the company's stock, valued at approximately $3,227,500.21. The trade was a 2.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders have sold 40,575 shares of company stock valued at $123,957. Company insiders own 1.67% of the company's stock.

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.