Mitsubishi UFJ Asset Management Co. Ltd. Acquires 32,676 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 47.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 101,992 shares of the company’s stock after acquiring an additional 32,676 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.06% of Shoals Technologies Group worth $605,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in SHLS. FMR LLC lifted its holdings 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 purchasing an additional 1,906 shares in the last quarter. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth about $59,000. Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $87,000. Versor Investments LP bought a new position in shares of Shoals Technologies Group in the fourth quarter valued at approximately $91,000. Finally, Stratos Wealth Partners LTD. purchased a new position in Shoals Technologies Group during the fourth quarter valued at approximately $110,000.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $3.26 on Thursday. 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, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $11.24. The company has a market capitalization of $544.40 million, a P/E ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. The stock has a 50 day moving average price of $3.79 and a two-hundred day moving average price of $4.75.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 EPS. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders have sold 40,575 shares of company stock valued at $123,957 over the last ninety days. 1.67% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Mizuho cut 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 report on Friday, January 24th. Royal Bank of Canada reduced their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Barclays decreased their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Finally, Roth Mkm decreased their price objective on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $8.87.

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.