Invesco Ltd. Acquires 1,098,577 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Invesco Ltd. raised its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 20.7% in the fourth quarter, Holdings Channel.com reports. The firm owned 6,415,911 shares of the company’s stock after purchasing an additional 1,098,577 shares during the period. Invesco Ltd.’s holdings in Shoals Technologies Group were worth $35,480,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. FMR LLC grew its stake 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 worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth $59,000. Cibc World Markets Corp bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at $87,000. Versor Investments LP bought a new position in shares of Shoals Technologies Group during the fourth quarter valued at $91,000. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth about $110,000.

Shoals Technologies Group Stock Up 1.2 %

SHLS stock opened at $3.33 on Thursday. The business’s 50-day moving average price is $3.49 and its 200-day moving average price is $4.53. The stock has a market cap of $556.09 million, a P/E ratio of 16.65, a PEG 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. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $9.17.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data 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). The firm had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue for the quarter was down 17.9% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. On average, equities research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 over the last ninety days. 1.67% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Oppenheimer cut their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 28th. Barclays cut their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Jefferies Financial Group decreased their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a report on Wednesday, March 12th. Mizuho cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Finally, Piper Sandler decreased their price target on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Three 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 MarketBeat, the stock has a consensus 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.