EntryPoint Capital LLC Cuts Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

EntryPoint Capital LLC cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 58.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,812 shares of the company’s stock after selling 38,098 shares during the period. EntryPoint Capital LLC’s holdings in Shoals Technologies Group were worth $148,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SHLS. Intech Investment Management LLC purchased a new stake in Shoals Technologies Group in the third quarter valued at about $255,000. FMR LLC raised its position in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Shoals Technologies Group by 1.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock worth $3,091,000 after purchasing an additional 8,918 shares in the last quarter. Verition Fund Management LLC grew its position in 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 worth $12,629,000 after purchasing an additional 2,034,291 shares during the last quarter. Finally, Point72 Europe London LLP acquired a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $1,461,000.

Shoals Technologies Group Stock Down 3.2 %

Shares of NASDAQ SHLS opened at $3.31 on Monday. The firm has a market cap of $552.75 million, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The company’s 50-day simple moving average is $3.86 and its 200-day simple moving average is $4.80. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $11.60.

Shoals Technologies Group (NASDAQ:SHLS) last posted 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research note on Tuesday, December 17th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. UBS Group dropped their target price 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. Finally, Mizuho reduced their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $8.87.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by corporate 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.