SCP Investment LP Lowers Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

SCP Investment LP decreased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 74.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 22,800 shares of the company’s stock after selling 66,000 shares during the quarter. SCP Investment LP’s holdings in Shoals Technologies Group were worth $126,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of SHLS. Intech Investment Management LLC purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth $255,000. FMR LLC lifted its position in Shoals Technologies Group by 48.9% during the third 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 period. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Shoals Technologies Group by 1.6% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 551,055 shares of the company’s stock worth $3,091,000 after buying an additional 8,918 shares during the last quarter. Verition Fund Management LLC increased its stake in shares of 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 acquiring an additional 2,034,291 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new position in shares of Shoals Technologies Group during the 3rd quarter worth about $1,461,000.

Analyst Ratings Changes

Several brokerages recently commented on SHLS. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Mizuho dropped their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Jefferies Financial Group decreased their price target on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a report on Wednesday, March 12th. Finally, Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Stock Performance

Shares of SHLS opened at $3.31 on Friday. The firm has a fifty day moving average of $3.86 and a 200-day moving average of $4.81. The company has a market cap of $552.75 million, a price-to-earnings ratio of 16.55, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. 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 1 year low of $2.71 and a 1 year high of $11.60.

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

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the transaction, the chief executive officer now 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have sold a total of 40,575 shares of company stock worth $123,957 in the last three months. 0.36% of the stock is owned by company 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.