Erste Asset Management GmbH Acquires 128,664 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Erste Asset Management GmbH boosted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 3.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,593,806 shares of the company’s stock after acquiring an additional 128,664 shares during the period. Erste Asset Management GmbH owned 2.16% of Shoals Technologies Group worth $20,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Janney Montgomery Scott LLC acquired a new position in Shoals Technologies Group in the 3rd quarter valued at about $833,000. Entropy Technologies LP acquired a new position in shares of Shoals Technologies Group in the third quarter valued at approximately $182,000. GSA Capital Partners LLP bought a new position in shares of Shoals Technologies Group during the third quarter worth approximately $104,000. Impax Asset Management Group plc lifted its holdings in Shoals Technologies Group by 19.4% during the 3rd quarter. Impax Asset Management Group plc now owns 1,533,377 shares of the company’s stock worth $8,602,000 after purchasing an additional 249,582 shares during the last quarter. Finally, TrinityPoint Wealth LLC bought a new stake in Shoals Technologies Group in the 3rd quarter valued at $60,000.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $2.94 on Thursday. The stock’s 50-day moving average is $4.41 and its 200-day moving average is $5.00. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $12.98. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market cap of $490.10 million, a P/E ratio of 14.70, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.01). The business had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.12 earnings per share. Equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on SHLS shares. Oppenheimer dropped their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a report on Tuesday, January 28th. Jefferies Financial Group dropped 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 research note on Wednesday. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They set a “peer perform” rating on the stock. Barclays dropped their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Finally, UBS Group reduced 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 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $8.87.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders sold 40,575 shares of company stock worth $123,957 over the last ninety days. 1.67% of the stock is 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.