First Trust Advisors LP Buys 110,292 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

First Trust Advisors LP grew its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 18.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 699,116 shares of the company's stock after purchasing an additional 110,292 shares during the period. First Trust Advisors LP owned about 0.42% of Shoals Technologies Group worth $3,866,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Impax Asset Management Group plc increased its stake in Shoals Technologies Group by 126.3% in the 4th 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 last quarter. RWC Asset Management LLP bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $1,891,000. Erste Asset Management GmbH increased its position in shares of Shoals Technologies Group by 3.7% during the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock valued at $20,269,000 after acquiring an additional 128,664 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company's stock worth $24,836,000 after acquiring an additional 658,617 shares during the period. Finally, Cidel Asset Management Inc. purchased a new position in Shoals Technologies Group in the fourth quarter worth $326,000.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SHLS. Roth Mkm lowered their target price on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Royal Bank of Canada dropped their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 26th. 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. Jefferies Financial Group decreased their target price on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating for the company in a research report on Wednesday, March 12th. Finally, Wolfe Research started coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They set a "peer perform" rating for the company. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of "Hold" and an average price target of $8.87.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company's stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last three months, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Trading Up 17.3 %

Shares of SHLS traded up $0.65 during mid-day trading on Tuesday, reaching $4.41. The company's stock had a trading volume of 15,863,488 shares, compared to its average volume of 5,880,435. The company's fifty day moving average price is $3.32 and its two-hundred day moving average price is $4.38. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $9.17. The stock has a market cap of $736.45 million, a PE ratio of 22.05, a P/E/G ratio of 0.52 and a beta of 1.52. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the previous year, the business earned $0.12 earnings per share. Shoals Technologies Group's revenue was down 17.9% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal 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.