Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Bought by Raymond James & Associates

Raymond James & Associates raised its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) by 22.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 146,180 shares of the company’s stock after acquiring an additional 27,120 shares during the quarter. Raymond James & Associates’ holdings in Shoals Technologies Group were worth $3,606,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Penserra Capital Management LLC acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at about $501,000. Vahanian & Associates Financial Planning Inc. acquired a new stake in Shoals Technologies Group in the 4th quarter valued at about $630,000. Oppenheimer & Co. Inc. acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at about $513,000. Stamina Capital Management LP acquired a new stake in Shoals Technologies Group during the 3rd quarter worth about $1,867,000. Finally, Convergence Investment Partners LLC purchased a new stake in Shoals Technologies Group during the fourth quarter valued at about $125,000. 81.94% of the stock is owned by institutional investors and hedge funds.

Shoals Technologies Group Trading Down 0.9 %

Shoals Technologies Group stock opened at $23.45 on Friday. Shoals Technologies Group, Inc. has a one year low of $13.92 and a one year high of $32.43. The company’s fifty day moving average price is $22.02 and its two-hundred day moving average price is $24.36. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.83 and a quick ratio of 1.69. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 25.77 and a beta of 2.10.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last announced its quarterly earnings results on Tuesday, February 28th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. Shoals Technologies Group had a return on equity of 29.36% and a net margin of 38.26%. The company had revenue of $94.65 million during the quarter, compared to analysts’ expectations of $86.29 million. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SHLS shares. Northland Securities upgraded shares of Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a report on Tuesday, May 9th. The Goldman Sachs Group upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their target price for the company from $20.00 to $22.00 in a report on Thursday, March 30th. Barclays downgraded Shoals Technologies Group from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $27.00 to $19.00 in a report on Tuesday, May 2nd. Citigroup initiated coverage on Shoals Technologies Group in a research note on Thursday, March 9th. They issued a “buy” rating and a $34.00 price objective for the company. Finally, Credit Suisse Group reaffirmed an “outperform” rating and set a $29.00 target price on shares of Shoals Technologies Group in a research note on Monday, March 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.34.

Insiders Place Their Bets

In related news, major shareholder Dean Solon sold 24,501,650 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $24.25, for a total transaction of $594,165,012.50. Following the completion of the transaction, the insider now owns 3,675,247 shares of the company’s stock, valued at approximately $89,124,739.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Jason R. Whitaker sold 181,541 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $21.16, for a total transaction of $3,841,407.56. Following the completion of the transaction, the insider now owns 634,637 shares of the company’s stock, valued at approximately $13,428,918.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Dean Solon sold 24,501,650 shares of the business’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $24.25, for a total value of $594,165,012.50. Following the transaction, the insider now directly owns 3,675,247 shares of the company’s stock, valued at approximately $89,124,739.75. The disclosure for this sale can be found here. Insiders sold 24,695,143 shares of company stock valued at $598,266,559 over the last quarter. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Profile

(Get Rating)

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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Institutional Ownership by Quarter for Shoals Technologies Group (NASDAQ:SHLS)

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