Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lessened its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 64.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 54,467 shares of the company's stock after selling 97,758 shares during the period. Russell Investments Group Ltd.'s holdings in Shoals Technologies Group were worth $301,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wells Fargo & Company MN lifted its position in shares of Shoals Technologies Group by 41.5% in the fourth quarter. Wells Fargo & Company MN now owns 97,253 shares of the company's stock valued at $538,000 after acquiring an additional 28,544 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at about $124,000. Bryce Point Capital LLC purchased a new position in shares of Shoals Technologies Group during the fourth quarter valued at about $1,196,000. Trexquant Investment LP boosted its stake in Shoals Technologies Group by 40.0% during the fourth quarter. Trexquant Investment LP now owns 2,000,551 shares of the company's stock valued at $11,063,000 after buying an additional 571,956 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock worth $78,710,000 after acquiring an additional 1,125,938 shares during the last quarter.

Shoals Technologies Group Trading Down 4.7 %

Shares of NASDAQ SHLS traded down $0.18 during midday trading on Wednesday, reaching $3.61. 7,839,464 shares of the stock were exchanged, compared to its average volume of 5,809,830. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $9.17. The stock has a market capitalization of $602.85 million, a P/E ratio of 18.05, a PEG ratio of 0.52 and a beta of 1.54. The company has a 50 day simple moving average of $3.34 and a 200 day simple moving average of $4.41. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly 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). The business had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business's revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the company earned $0.12 EPS. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last three months. Insiders own 1.67% of the company's stock.

Wall Street Analysts Forecast Growth

SHLS has been the subject of a number of recent research reports. Roth Mkm cut their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Truist Financial lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating for the company in a report on Thursday, January 16th. Jefferies Financial Group reduced their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research note on Wednesday, March 12th. Wolfe Research assumed coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They issued a "peer perform" rating for the company. Finally, Piper Sandler cut their target price on Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Three 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.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $8.87.

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.