Point72 Asset Management L.P. Sells 1,306,643 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Point72 Asset Management L.P. cut its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 19.1% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,537,579 shares of the company's stock after selling 1,306,643 shares during the period. Point72 Asset Management L.P. owned about 3.32% of Shoals Technologies Group worth $30,623,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Shoals Technologies Group during the 4th quarter worth about $12,472,000. Impax Asset Management Group plc lifted 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 valued at $19,083,000 after buying an additional 1,935,983 shares during the period. Goodlander Investment Management LLC bought a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $8,295,000. Wellington Management Group LLP increased its stake in shares of 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 valued at $78,710,000 after acquiring an additional 1,125,938 shares in the last quarter. Finally, Invesco Ltd. grew 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 worth $35,480,000 after purchasing an additional 1,098,577 shares during the period.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group 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 directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last ninety days, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is owned by insiders.

Shoals Technologies Group Stock Down 0.7%

Shares of SHLS traded down $0.04 during mid-day trading on Thursday, reaching $4.68. The company had a trading volume of 4,123,173 shares, compared to its average volume of 6,026,207. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The company has a market capitalization of $780.70 million, a price-to-earnings ratio of 23.43, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The firm has a 50-day moving average price of $3.79 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.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $80.36 million for the quarter, compared to analysts' expectations of $74.66 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm's quarterly revenue was down 11.2% compared to the same quarter last year. On average, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on SHLS. Mizuho decreased their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. BNP Paribas Exane downgraded Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 price objective on the stock. in a research note on Thursday, May 15th. Wolfe Research assumed coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a "peer perform" rating for the company. BNP Paribas restated an "underperform" rating and issued a $4.00 target price (down from $4.50) on shares of Shoals Technologies Group in a research note on Thursday, May 15th. Finally, Oppenheimer lowered their target price on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating for the company in a research note on Tuesday, January 28th. Four analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of "Hold" and an average price target of $8.40.

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.