Charles Schwab Investment Management Inc. Sells 13,457 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Charles Schwab Investment Management Inc. lessened its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 1.0% during the third quarter, Holdings Channel.com reports. The firm owned 1,391,810 shares of the company’s stock after selling 13,457 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Shoals Technologies Group were worth $7,808,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $54,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $64,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth about $60,000. American Trust bought a new position in Shoals Technologies Group in the 2nd quarter valued at about $68,000. Finally, Versor Investments LP bought a new position in Shoals Technologies Group in the 2nd quarter valued at about $80,000.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $4.66 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a fifty day moving average of $5.10 and a 200 day moving average of $5.84. The firm has a market cap of $776.82 million, a PE ratio of 23.30, a PEG ratio of 0.66 and a beta of 1.69. Shoals Technologies Group, Inc. has a one year low of $4.07 and a one year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data 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 period in the prior year, the company posted $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% compared to the same quarter last year. As a group, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SHLS. Morgan Stanley dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday, November 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, November 22nd. Finally, Bank of America started coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.31.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average cost of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Insiders sold 8,920 shares of company stock valued at $45,863 in the last three months. 1.67% of the stock is currently owned by insiders.

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.