Alliancebernstein L.P. Lowers Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Alliancebernstein L.P. lowered its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 16.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 201,726 shares of the company’s stock after selling 40,453 shares during the quarter. Alliancebernstein L.P.’s holdings in Shoals Technologies Group were worth $1,116,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in SHLS. FMR LLC lifted its stake 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 during the period. Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth approximately $59,000. Cibc World Markets Corp purchased a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $87,000. Versor Investments LP acquired a new stake in shares of Shoals Technologies Group during the fourth quarter valued at $91,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $110,000.

Shoals Technologies Group Price Performance

SHLS stock opened at $3.38 on Friday. The company has a market capitalization of $564.44 million, a PE ratio of 16.90, a P/E/G ratio of 0.52 and a beta of 1.54. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The stock’s 50 day moving average is $3.45 and its two-hundred day moving average is $4.50. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $9.17.

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

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group 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 transaction, the chief executive officer now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. Insiders own 1.67% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SHLS. Truist Financial reduced 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 Thursday, January 16th. Mizuho cut their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Wolfe Research started coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. reduced their price target 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, Royal Bank of Canada dropped 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 report on Wednesday, February 26th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group 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.