State Street Corp Has $29.63 Million Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

State Street Corp lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 0.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 5,281,630 shares of the company’s stock after selling 34,767 shares during the quarter. State Street Corp’s holdings in Shoals Technologies Group were worth $29,630,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in Shoals Technologies Group by 104.1% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after acquiring an additional 69,193 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its stake in Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock valued at $980,000 after acquiring an additional 93,400 shares during the last quarter. Point72 Europe London LLP bought a new position in Shoals Technologies Group in the third quarter valued at approximately $1,461,000. Handelsbanken Fonder AB grew its stake in shares of Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 shares during the period. Finally, Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group during the 3rd quarter worth about $20,191,000.

Wall Street Analyst Weigh In

SHLS has been the topic of several recent analyst reports. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Barclays reduced their price target on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 13th. TD Cowen upped their price objective on shares of Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Guggenheim dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Three analysts have rated the stock with a sell rating, six have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.64.

Insider Buying and Selling

In other news, CEO Brandon Moss purchased 22,300 shares of the stock in a transaction on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 6,460 shares of company stock worth $30,271 in the last ninety days. 1.67% of the stock is owned by insiders.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $5.12 on Friday. 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 52 week low of $4.07 and a 52 week high of $17.50. The firm has a market cap of $853.50 million, a price-to-earnings ratio of 25.60, a P/E/G ratio of 0.64 and a beta of 1.69. The firm’s 50-day simple moving average is $5.01 and its 200 day simple moving average is $5.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Shoals Technologies Group’s quarterly revenue was down 23.8% compared to the same quarter last year. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

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.