New York State Common Retirement Fund Sells 311,058 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

New York State Common Retirement Fund reduced its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 81.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 70,694 shares of the company's stock after selling 311,058 shares during the quarter. New York State Common Retirement Fund's holdings in Shoals Technologies Group were worth $1,099,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Wellington Management Group LLP increased its position in Shoals Technologies Group by 38.0% in the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company's stock worth $183,329,000 after buying an additional 2,764,566 shares during the period. Clearbridge Investments LLC increased its holdings in shares of Shoals Technologies Group by 2.6% in the 3rd quarter. Clearbridge Investments LLC now owns 8,743,607 shares of the company's stock worth $159,571,000 after acquiring an additional 222,249 shares during the period. JPMorgan Chase & Co. lifted its position in Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company's stock valued at $116,217,000 after purchasing an additional 1,402,419 shares during the last quarter. William Blair Investment Management LLC boosted its stake in Shoals Technologies Group by 25.1% during the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company's stock valued at $108,310,000 after purchasing an additional 1,190,411 shares during the period. Finally, Handelsbanken Fonder AB grew its position in Shoals Technologies Group by 301.5% in the 4th quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company's stock worth $39,206,000 after purchasing an additional 1,894,560 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SHLS shares. Royal Bank of Canada decreased their price objective on Shoals Technologies Group from $20.00 to $17.00 and set an "outperform" rating for the company in a report on Thursday, February 29th. Oppenheimer lowered their price target on Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, February 29th. JPMorgan Chase & Co. reduced their price objective on shares of Shoals Technologies Group from $32.00 to $26.00 and set an "overweight" rating for the company in a report on Thursday, February 29th. The Goldman Sachs Group lowered their target price on shares of Shoals Technologies Group from $26.00 to $23.00 and set a "buy" rating on the stock in a research note on Friday, March 1st. Finally, Roth Mkm lowered shares of Shoals Technologies Group from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $15.00 to $8.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of "Moderate Buy" and an average price target of $17.29.

Shoals Technologies Group Trading Down 9.6 %

SHLS traded down $0.73 during trading on Friday, reaching $6.94. The company had a trading volume of 11,239,450 shares, compared to its average volume of 4,556,078. The firm's 50-day simple moving average is $10.27 and its 200 day simple moving average is $13.13. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.88 and a current ratio of 2.62. The company has a market cap of $1.18 billion, a price-to-earnings ratio of 38.56 and a beta of 1.86. Shoals Technologies Group, Inc. has a 12-month low of $6.91 and a 12-month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its 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 firm had revenue of $130.44 million during the quarter, compared to analysts' expectations of $131.89 million. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.5 earnings per share for the current year.

Shoals Technologies Group Company 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.