Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 73.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,650,819 shares of the company's stock after selling 4,587,158 shares during the quarter. JPMorgan Chase & Co. owned about 0.99% of Shoals Technologies Group worth $9,129,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Impax Asset Management Group plc increased 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 purchasing an additional 1,935,983 shares during the last quarter. RWC Asset Management LLP acquired a new stake in shares of Shoals Technologies Group during the 4th quarter worth $1,891,000. Erste Asset Management GmbH increased its holdings in shares of Shoals Technologies Group by 3.7% during the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock worth $20,269,000 after buying an additional 128,664 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after buying an additional 658,617 shares during the period. Finally, Cidel Asset Management Inc. acquired a new position in Shoals Technologies Group in the fourth quarter valued at $326,000.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the 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 $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 40,575 shares of company stock valued at $123,957. Insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wolfe Research started coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They issued a "peer perform" rating on the stock. JPMorgan Chase & Co. cut their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating on the stock in a report on Thursday, January 23rd. Roth Mkm decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. UBS Group dropped 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 research report on Wednesday, February 26th. Finally, Piper Sandler cut 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 note on Wednesday, February 26th. Three equities 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 company's stock. According to MarketBeat, Shoals Technologies Group presently has an average rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group Stock Up 1.5 %

NASDAQ:SHLS traded up $0.05 during mid-day trading on Friday, reaching $3.38. The stock had a trading volume of 3,650,780 shares, compared to its average volume of 5,720,000. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $564.44 million, a price-to-earnings ratio of 16.90, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $9.17. The stock's 50 day simple moving average is $3.45 and its two-hundred day simple moving average is $4.49.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. The company's quarterly revenue was down 17.9% compared to the same quarter last year. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS 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.