Geode Capital Management LLC Has $21.96 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Geode Capital Management LLC trimmed its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 1.3% during the fourth quarter, Holdings Channel reports. The firm owned 3,970,896 shares of the company’s stock after selling 52,001 shares during the period. Geode Capital Management LLC’s holdings in Shoals Technologies Group were worth $21,964,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Wellington Management Group LLP boosted its stake in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares in the last quarter. DnB Asset Management AS boosted its stake in shares of Shoals Technologies Group by 26.4% in the 4th quarter. DnB Asset Management AS now owns 862,748 shares of the company’s stock valued at $4,771,000 after purchasing an additional 180,419 shares in the last quarter. Norges Bank bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth about $12,472,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Shoals Technologies Group by 47.1% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,992 shares of the company’s stock worth $605,000 after purchasing an additional 32,676 shares in the last quarter. Finally, Prudential Financial Inc. lifted its holdings in Shoals Technologies Group by 161.9% during the 4th quarter. Prudential Financial Inc. now owns 33,925 shares of the company’s stock valued at $188,000 after purchasing an additional 20,974 shares during the last quarter.

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 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 transaction, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last three months, insiders sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Stock Up 1.5 %

Shares of NASDAQ:SHLS opened at $3.38 on Friday. The company has a 50 day moving average price of $3.45 and a two-hundred day moving average price of $4.50. The company has a market capitalization of $564.44 million, a PE ratio of 16.90, a PEG ratio of 0.52 and a beta of 1.54. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $9.17. 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 (NASDAQ:SHLS) last posted its 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). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the prior year, the firm posted $0.12 earnings per share. The business’s revenue was down 17.9% on a year-over-year basis. Analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on SHLS shares. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. The Goldman Sachs Group dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Oppenheimer reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. 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, UBS Group decreased their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus price target 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.