523,462 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Bought by Freestone Grove Partners LP

Freestone Grove Partners LP purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 523,462 shares of the company's stock, valued at approximately $2,895,000. Freestone Grove Partners LP owned 0.31% of Shoals Technologies Group at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of SHLS. Comerica Bank lifted its position in Shoals Technologies Group by 73.2% during the 4th quarter. Comerica Bank now owns 162,648 shares of the company's stock worth $899,000 after acquiring an additional 68,725 shares in the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of Shoals Technologies Group by 189.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company's stock valued at $684,000 after purchasing an additional 80,911 shares during the period. Electron Capital Partners LLC grew its holdings in Shoals Technologies Group by 15.3% during the 4th quarter. Electron Capital Partners LLC now owns 90,460 shares of the company's stock valued at $500,000 after purchasing an additional 12,013 shares in the last quarter. Northern Trust Corp increased its stake in Shoals Technologies Group by 4.6% during the 4th quarter. Northern Trust Corp now owns 1,776,337 shares of the company's stock worth $9,823,000 after buying an additional 77,633 shares during the period. Finally, Decade Renewable Partners LP purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $1,300,000.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated 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 directly owns 1,051,303 shares of the company's stock, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 in the last three months. 1.67% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SHLS shares. Jefferies Financial Group cut their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a report on Wednesday, March 12th. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, January 16th. Royal Bank of Canada reduced 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 research report on Wednesday, February 26th. Barclays cut their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. Finally, The Goldman Sachs Group raised their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Shoals Technologies Group currently has an average rating of "Hold" and a consensus target price of $8.82.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock traded up $0.14 during mid-day trading on Thursday, hitting $4.85. The company's stock had a trading volume of 2,939,751 shares, compared to its average volume of 5,878,506. The stock has a market capitalization of $809.09 million, a P/E ratio of 24.08, a P/E/G ratio of 0.52 and a beta of 1.52. 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's fifty day moving average price is $3.37 and its two-hundred day moving average price is $4.38. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released 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). 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 during the quarter, compared to analyst estimates of $74.66 million. During the same quarter last year, the business earned $0.07 EPS. The company's revenue for the quarter was down 11.2% compared to the same quarter last year. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current 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.