Voya Investment Management LLC Has $285,000 Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Voya Investment Management LLC cut its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) by 83.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,521 shares of the company's stock after selling 256,883 shares during the quarter. Voya Investment Management LLC's holdings in Shoals Technologies Group were worth $285,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Shoals Technologies Group by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company's stock worth $94,915,000 after buying an additional 576,736 shares in the last quarter. Wellington Management Group LLP grew its holdings in Shoals Technologies Group by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company's stock valued at $78,710,000 after purchasing an additional 1,125,938 shares during the period. 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 valued at $35,480,000 after purchasing an additional 1,098,577 shares during the period. Erste Asset Management GmbH grew its holdings in Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company's stock valued at $20,269,000 after purchasing an additional 128,664 shares during the period. Finally, Impax Asset Management Group plc grew its holdings 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 purchasing an additional 1,935,983 shares during the period.

Shoals Technologies Group Trading Up 6.1%

Shares of SHLS traded up $0.28 during midday trading on Friday, hitting $4.86. The stock had a trading volume of 11,165,098 shares, compared to its average volume of 6,048,428. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $8.52. The business has a 50-day simple moving average of $3.70 and a two-hundred day simple moving average of $4.37. The firm has a market cap of $811.60 million, a P/E ratio of 24.30, a price-to-earnings-growth 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 announced its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. During the same quarter in the previous year, the business earned $0.07 earnings per share. The business's quarterly revenue was down 11.2% compared to the same quarter last year. As a group, equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of recent research reports. Citigroup lifted their price target on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a "peer perform" rating on the stock. Roth Mkm reduced their price target 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. The Goldman Sachs Group lifted their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Wednesday, May 7th. Finally, Royal Bank of Canada reduced their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $8.40.

Insiders Place Their Bets

In other 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 value 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 represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last ninety days. 1.67% of the stock is currently 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.