Vanguard Group Inc. Purchases 576,736 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Vanguard Group Inc. grew its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 3.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,163,583 shares of the company's stock after buying an additional 576,736 shares during the period. Vanguard Group Inc. owned approximately 10.30% of Shoals Technologies Group worth $94,915,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. FMR LLC grew its holdings in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in Shoals Technologies Group in the 4th quarter valued at approximately $59,000. Cibc World Markets Corp bought a new position in Shoals Technologies Group in the 4th quarter worth approximately $87,000. Versor Investments LP acquired a new position in shares of Shoals Technologies Group during the fourth quarter worth approximately $91,000. Finally, Stratos Wealth Partners LTD. bought a new stake in shares of Shoals Technologies Group in the fourth quarter valued at approximately $110,000.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SHLS shares. Roth Mkm dropped their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Barclays dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an "equal weight" rating on the stock in a report on Friday, January 17th. JPMorgan Chase & Co. reduced 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. Oppenheimer lowered their price target on Shoals Technologies Group from $11.00 to $10.00 and set an "outperform" rating on the stock in a research note on Tuesday, January 28th. Finally, Morgan Stanley upgraded Shoals Technologies Group from an "equal weight" rating to an "overweight" rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of "Hold" and an average target price of $8.87.

Shoals Technologies Group Trading Up 1.1 %

Shares of SHLS traded up $0.04 during trading hours on Tuesday, hitting $3.37. 401,703 shares of the stock traded hands, compared to its average volume of 5,711,949. The business has a fifty day moving average of $3.53 and a 200-day moving average of $4.55. The firm has a market capitalization of $561.94 million, a PE ratio of 16.93, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $9.20. 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 issued its 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 net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same period last year, the business posted $0.12 EPS. The firm's revenue for the quarter was down 17.9% compared to the same quarter last year. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Activity

In related news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 in the last 90 days. 1.67% of the stock is owned by company insiders.

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.