Schonfeld Strategic Advisors LLC Acquires 80,911 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Schonfeld Strategic Advisors LLC increased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 189.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 123,695 shares of the company's stock after acquiring an additional 80,911 shares during the period. Schonfeld Strategic Advisors LLC owned about 0.07% of Shoals Technologies Group worth $684,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SHLS. Barclays PLC lifted its holdings in Shoals Technologies Group by 25.9% during the third quarter. Barclays PLC now owns 291,242 shares of the company's stock valued at $1,634,000 after purchasing an additional 59,856 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Shoals Technologies Group by 16.1% during the 3rd 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 in the last quarter. Empirical Asset Management LLC bought a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $59,000. SG Americas Securities LLC bought a new stake in Shoals Technologies Group during the fourth quarter worth approximately $185,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in Shoals Technologies Group during the fourth quarter valued at approximately $110,000.

Shoals Technologies Group Price Performance

SHLS stock traded up $0.67 during mid-day trading on Tuesday, reaching $6.03. 17,407,357 shares of the company traded hands, compared to its average volume of 5,913,264. The company has a fifty day moving average price of $3.50 and a 200-day moving average price of $4.37. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $8.52. The company has a market capitalization of $1.01 billion, a P/E ratio of 30.15, a P/E/G ratio of 0.52 and a beta of 1.52. 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 (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group's quarterly revenue was down 11.2% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the subject of several research analyst reports. Wolfe Research started coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a "peer perform" rating for the company. The Goldman Sachs Group increased their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Citigroup upped their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Truist Financial decreased 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 note on Thursday, January 16th. Finally, Barclays reduced their price target on Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating for the company in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group currently has an average rating of "Moderate Buy" and an average price target of $8.77.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now directly 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 40,575 shares of company stock worth $123,957 over the last ninety days. Corporate insiders own 1.67% of the company's stock.

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.