Point72 Europe London LLP Makes New Investment in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Point72 Europe London LLP acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 260,416 shares of the company’s stock, valued at approximately $1,461,000. Point72 Europe London LLP owned about 0.16% of Shoals Technologies Group at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SHLS. Millennium Management LLC increased its position in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter. Verition Fund Management LLC increased its position in shares of Shoals Technologies Group by 938.3% during the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Shoals Technologies Group by 8,389.5% during the 2nd quarter. Federated Hermes Inc. now owns 1,222,482 shares of the company’s stock valued at $7,628,000 after purchasing an additional 1,208,082 shares during the last quarter. M&G Plc bought a new position in shares of Shoals Technologies Group during the 2nd quarter valued at approximately $7,021,000. Finally, AQR Capital Management LLC increased its position in shares of Shoals Technologies Group by 505.8% during the 2nd quarter. AQR Capital Management LLC now owns 1,020,428 shares of the company’s stock valued at $6,367,000 after purchasing an additional 851,978 shares during the last quarter.

Analyst Ratings Changes

Several research firms have recently weighed in on SHLS. Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. TD Cowen boosted their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Roth Mkm dropped their price objective on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Guggenheim lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 21st. Finally, Oppenheimer lowered their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.31.

Shoals Technologies Group Stock Down 0.8 %

Shares of SHLS stock opened at $5.22 on Friday. The firm has a market capitalization of $870.17 million, a PE ratio of 26.10, a P/E/G ratio of 0.76 and a beta of 1.73. Shoals Technologies Group, Inc. has a fifty-two week low of $4.07 and a fifty-two week high of $17.50. The stock’s 50-day simple moving average is $5.25 and its 200-day simple moving average is $5.97. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 23.8% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. Equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.67% of the stock is owned by corporate insiders.

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.