389,700 Shares in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Purchased by Renaissance Technologies LLC

Renaissance Technologies LLC bought a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 389,700 shares of the company's stock, valued at approximately $2,155,000. Renaissance Technologies LLC owned about 0.23% of Shoals Technologies Group as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Shoals Technologies Group in the 4th quarter worth approximately $12,472,000. Impax Asset Management Group plc boosted its stake in Shoals Technologies Group by 126.3% in 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 in the last quarter. Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group by 8.6% during the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock worth $78,710,000 after purchasing an additional 1,125,938 shares during the last quarter. Invesco Ltd. boosted its holdings in Shoals Technologies Group by 20.7% in the fourth quarter. Invesco Ltd. now owns 6,415,911 shares of the company's stock valued at $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock valued at $24,836,000 after buying an additional 658,617 shares during the period.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 40,575 shares of company stock worth $123,957 over the last ninety days. Company insiders own 1.67% of the company's stock.

Wall Street Analyst Weigh In

SHLS has been the subject of a number of research reports. Roth Mkm decreased their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Wolfe Research initiated coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a "peer perform" rating for the company. Mizuho reduced their price target on Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating on the stock in a report on Friday, January 24th. JPMorgan Chase & Co. lowered their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a research note on Thursday, January 23rd. Finally, Piper Sandler decreased their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating for the company in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group currently has an average rating of "Hold" and a consensus target price of $8.87.

Shoals Technologies Group Stock Up 5.7 %

SHLS traded up $0.21 during trading on Thursday, hitting $3.82. The company had a trading volume of 957,599 shares, compared to its average volume of 5,791,127. The company has a market cap of $637.09 million, a PE ratio of 18.98, a P/E/G ratio of 0.52 and a beta of 1.54. The business has a 50-day moving average of $3.34 and a 200-day moving average of $4.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $9.17.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period in the prior year, the company earned $0.12 earnings per share. The firm's revenue for the quarter was down 17.9% on a year-over-year basis. As a group, 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.