Allspring Global Investments Holdings LLC Has $19.90 Million Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Allspring Global Investments Holdings LLC lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 65.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,280,509 shares of the company's stock after selling 2,400,663 shares during the period. Allspring Global Investments Holdings LLC owned about 0.75% of Shoals Technologies Group worth $19,899,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Raymond James & Associates increased its position in Shoals Technologies Group by 1.1% in the 1st quarter. Raymond James & Associates now owns 90,966 shares of the company's stock valued at $1,550,000 after acquiring an additional 1,034 shares during the period. Bank of New York Mellon Corp increased its position in Shoals Technologies Group by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company's stock valued at $5,813,000 after acquiring an additional 9,067 shares during the period. US Bancorp DE increased its position in Shoals Technologies Group by 700.2% in the 1st quarter. US Bancorp DE now owns 6,450 shares of the company's stock valued at $110,000 after acquiring an additional 5,644 shares during the period. Bank of Montreal Can increased its position in Shoals Technologies Group by 41.1% in the 1st quarter. Bank of Montreal Can now owns 33,244 shares of the company's stock valued at $597,000 after acquiring an additional 9,691 shares during the period. Finally, MetLife Investment Management LLC acquired a new position in Shoals Technologies Group in the 1st quarter valued at about $36,000.

Shoals Technologies Group Price Performance

SHLS stock traded down $0.45 on Monday, reaching $8.72. The company had a trading volume of 4,842,617 shares, compared to its average volume of 3,840,179. Shoals Technologies Group, Inc. has a 1 year low of $8.66 and a 1 year high of $28.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. The company's fifty day moving average is $13.06 and its 200 day moving average is $14.23. The company has a market cap of $1.49 billion, a P/E ratio of 36.68 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). The business had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. On average, research analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $32.00 to $26.00 and set an "overweight" rating on the stock in a report on Thursday, February 29th. The Goldman Sachs Group lowered their price objective on Shoals Technologies Group from $26.00 to $23.00 and set a "buy" rating on the stock in a report on Friday, March 1st. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $24.00 price objective on shares of Shoals Technologies Group in a report on Wednesday, March 13th. TD Cowen decreased their price target on Shoals Technologies Group from $30.00 to $22.00 and set an "outperform" rating on the stock in a research note on Thursday, February 29th. Finally, Oppenheimer decreased their price target on Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating on the stock in a research note on Thursday, February 29th. Three investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $21.06.

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.