Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Acquired by Wellington Management Group LLP

Wellington Management Group LLP lifted its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 8.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,233,342 shares of the company’s stock after purchasing an additional 1,125,938 shares during the quarter. Wellington Management Group LLP owned about 8.54% of Shoals Technologies Group worth $78,710,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC raised its position in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new position in shares of Shoals Technologies Group during the fourth quarter worth $59,000. Cibc World Markets Corp acquired a new position in Shoals Technologies Group during the fourth quarter valued at $87,000. Versor Investments LP purchased a new stake in Shoals Technologies Group in the fourth quarter valued at $91,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in Shoals Technologies Group during the 4th quarter worth about $110,000.

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 owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders sold 40,575 shares of company stock valued at $123,957 in the last three months. 1.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SHLS. JPMorgan Chase & Co. decreased their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. Wolfe Research initiated coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Mizuho dropped their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Truist Financial cut their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, Roth Mkm lowered 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 report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Stock Performance

SHLS opened at $3.14 on Friday. The firm has a market capitalization of $524.36 million, a PE ratio of 15.70, a PEG ratio of 0.52 and a beta of 1.69. 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, Inc. has a twelve month low of $2.71 and a twelve month high of $10.79. The firm’s 50-day moving average price is $3.73 and its 200 day moving average price is $4.71.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. During the same quarter last year, the company earned $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, sell-side analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.