William Blair Investment Management LLC Trims Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

William Blair Investment Management LLC decreased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 96.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 68,406 shares of the company’s stock after selling 1,867,411 shares during the period. William Blair Investment Management LLC’s holdings in Shoals Technologies Group were worth $378,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Point72 Asset Management L.P. raised its holdings in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after acquiring an additional 5,622,207 shares during the period. Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group during the third quarter worth about $20,191,000. Verition Fund Management LLC raised its stake in Shoals Technologies Group by 938.3% during the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock valued at $12,629,000 after purchasing an additional 2,034,291 shares during the period. Impax Asset Management Group plc lifted its holdings in Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after purchasing an additional 1,935,983 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction 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 approximately $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 40,575 shares of company stock worth $123,957 over the last quarter. Company insiders own 1.67% of the company’s stock.

Analysts Set New Price Targets

SHLS has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price objective on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a research report on Wednesday, March 12th. The Goldman Sachs Group reduced their price target 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. Barclays decreased 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 research note on Friday, January 17th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective for the company in a research report on Tuesday, December 17th. Finally, Piper Sandler decreased their target price on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $8.87.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $3.42 on Thursday. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The firm has a market capitalization of $571.12 million, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $12.98. The company’s 50-day moving average is $4.14 and its 200 day moving average is $4.93.

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 business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period in the prior year, the business posted $0.12 earnings per share. Shoals Technologies Group’s revenue was down 17.9% on a year-over-year basis. Research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

About Shoals Technologies Group

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.