Invenomic Capital Management LP Decreases Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Invenomic Capital Management LP lowered its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 13.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,703,506 shares of the company's stock after selling 263,629 shares during the quarter. Invenomic Capital Management LP owned approximately 1.02% of Shoals Technologies Group worth $9,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in SHLS. Tower Research Capital LLC TRC grew its holdings in shares of Shoals Technologies Group by 20.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock valued at $86,000 after purchasing an additional 2,652 shares during the last quarter. Barclays PLC grew its stake in shares of Shoals Technologies Group by 3.3% during the fourth quarter. Barclays PLC now owns 300,910 shares of the company's stock valued at $1,665,000 after buying an additional 9,668 shares during the last quarter. Empirical Asset Management LLC purchased a new position in shares of Shoals Technologies Group in the fourth quarter worth about $59,000. Electron Capital Partners LLC lifted its stake in shares of Shoals Technologies Group by 15.3% in the 4th quarter. Electron Capital Partners LLC now owns 90,460 shares of the company's stock valued at $500,000 after acquiring an additional 12,013 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Shoals Technologies Group by 0.8% during the 4th quarter. Federated Hermes Inc. now owns 1,693,684 shares of the company's stock valued at $9,366,000 after acquiring an additional 14,159 shares during the period.

Shoals Technologies Group Trading Up 5.2 %

Shoals Technologies Group stock opened at $5.07 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $8.52. The company has a market capitalization of $846.66 million, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The business's fifty day simple moving average is $3.45 and its two-hundred day simple moving average is $4.37. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.01). The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 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 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 EPS. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Mizuho lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research report on Friday, January 24th. Jefferies Financial Group lowered their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a report on Wednesday, March 12th. Royal Bank of Canada reduced their price target on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group lifted their price objective on Shoals Technologies Group from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wolfe Research started coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a "peer perform" rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $8.77.

Insiders Place Their Bets

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group 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 in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last quarter, insiders sold 40,575 shares of company stock valued at $123,957. Corporate insiders own 1.67% of the company's stock.

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.

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