Nikko Asset Management Americas Inc. Reduces Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Nikko Asset Management Americas Inc. cut its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 7.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,245 shares of the company’s stock after selling 4,381 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Shoals Technologies Group were worth $322,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% in 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 in the last quarter. Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $59,000. TrinityPoint Wealth LLC purchased a new stake in Shoals Technologies Group in the 3rd quarter valued at approximately $60,000. Cibc World Markets Corp acquired a new stake in Shoals Technologies Group during the 4th quarter valued at $87,000. Finally, Versor Investments LP purchased a new position in Shoals Technologies Group during the fourth quarter worth $91,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SHLS. The Goldman Sachs Group reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Oppenheimer decreased their price target on shares of 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. Jefferies Financial Group cut their price objective on shares of 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. JPMorgan Chase & Co. decreased their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, Piper Sandler cut their price target on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Stock Down 0.3 %

Shares of NASDAQ:SHLS opened at $3.25 on Tuesday. Shoals Technologies Group, Inc. has a 1 year low of $2.71 and a 1 year high of $12.98. The stock has a 50-day simple moving average of $4.25 and a 200-day simple moving average of $4.96. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The stock has a market capitalization of $542.73 million, a P/E ratio of 16.25, a PEG ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data 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). The business had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Equities analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the 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 trade represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 40,575 shares of company stock valued at $123,957 over the last three months. 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.