Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC lessened its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 83.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 51,521 shares of the company's stock after selling 256,883 shares during the period. Voya Investment Management LLC's holdings in Shoals Technologies Group were worth $285,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Adage Capital Partners GP L.L.C. purchased a new stake in Shoals Technologies Group in the fourth quarter valued at $2,212,000. Fuller & Thaler Asset Management Inc. acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $616,000. Tower Research Capital LLC TRC boosted its stake in shares of Shoals Technologies Group by 20.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company's stock worth $86,000 after buying an additional 2,652 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Shoals Technologies Group during the fourth quarter worth about $570,000. Finally, First Trust Advisors LP grew its holdings in Shoals Technologies Group by 18.7% during the fourth quarter. First Trust Advisors LP now owns 699,116 shares of the company's stock worth $3,866,000 after acquiring an additional 110,292 shares during the period.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the business'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 transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at $3,227,500.21. The trade was a 2.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company's stock.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS traded up $0.28 during trading hours on Friday, reaching $4.86. The stock had a trading volume of 11,165,098 shares, compared to its average volume of 6,038,391. The firm has a market cap of $811.60 million, a price-to-earnings ratio of 24.30, a PEG ratio of 0.52 and a beta of 1.52. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $8.52. The firm has a 50-day moving average of $3.66 and a 200-day moving average of $4.39. 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 quarterly earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.02). The business had revenue of $80.36 million for the quarter, compared to analyst estimates of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm's revenue for the quarter was down 11.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.07 EPS. Equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on SHLS shares. Piper Sandler dropped their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 26th. BNP Paribas reiterated an "underperform" rating and issued a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday. Jefferies Financial Group dropped their target price on Shoals Technologies Group from $4.60 to $3.40 and set a "hold" rating on the stock in a research report on Wednesday, March 12th. Citigroup upped their price target on Shoals Technologies Group from $4.50 to $5.50 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Finally, Truist Financial dropped their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a report on Thursday, January 16th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.40.

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.