Shoals Technologies Group, Inc. (NASDAQ:SHLS) Stock Position Increased by Wellington Management Group LLP

Wellington Management Group LLP increased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 8.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,233,342 shares of the company's stock after purchasing an additional 1,125,938 shares during the period. Wellington Management Group LLP owned approximately 8.52% of Shoals Technologies Group worth $78,710,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in SHLS. SG Americas Securities LLC purchased a new position in Shoals Technologies Group during the fourth quarter worth about $185,000. Stratos Wealth Partners LTD. purchased a new position in Shoals Technologies Group during the fourth quarter worth about $110,000. Cidel Asset Management Inc. acquired a new position in Shoals Technologies Group during the fourth quarter worth about $326,000. RWC Asset Management LLP acquired a new position in Shoals Technologies Group during the fourth quarter worth about $1,891,000. Finally, Impax Asset Management Group plc grew 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.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This trade represents a 2.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 over the last quarter. Company insiders own 1.67% of the company's stock.

Shoals Technologies Group Trading Up 10.9%

NASDAQ SHLS traded up $0.47 during mid-day trading on Friday, reaching $4.78. 7,748,122 shares of the stock were exchanged, compared to its average volume of 5,992,795. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $8.05. The business's fifty day simple moving average is $3.97 and its 200 day simple moving average is $4.31. The stock has a market capitalization of $799.10 million, a PE ratio of 23.90, a PEG 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 (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The company had revenue of $80.36 million for 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 business's revenue for the quarter was down 11.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.07 EPS. On average, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHLS has been the topic of several recent analyst reports. BNP Paribas restated an "underperform" rating and set a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Piper Sandler lowered their target price on shares of 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. Citigroup upped their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. BNP Paribas Exane lowered shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a research report on Thursday, May 15th. Finally, UBS Group lowered their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research 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 issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of "Hold" and a consensus target price of $8.40.

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.