Shoals Technologies Group, Inc. (NASDAQ:SHLS) Position Lowered by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System decreased its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) by 69.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 37,817 shares of the company’s stock after selling 85,162 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Shoals Technologies Group were worth $623,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of SHLS. Standard Family Office LLC bought a new position in shares of Shoals Technologies Group during the first quarter worth about $25,000. Ulland Investment Advisors LLC lifted its position in shares of Shoals Technologies Group by 900.0% during the first quarter. Ulland Investment Advisors LLC now owns 1,500 shares of the company’s stock worth $26,000 after purchasing an additional 1,350 shares during the last quarter. MetLife Investment Management LLC bought a new position in shares of Shoals Technologies Group during the first quarter worth about $36,000. Captrust Financial Advisors lifted its holdings in Shoals Technologies Group by 89.8% in the first quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock worth $54,000 after acquiring an additional 1,496 shares during the last quarter. Finally, Nisa Investment Advisors LLC bought a new position in Shoals Technologies Group in the second quarter worth about $55,000. Institutional investors own 63.34% of the company’s stock.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $30.54 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $9.58 and a 12 month high of $34.29. The company has a debt-to-equity ratio of 12.13, a current ratio of 2.60 and a quick ratio of 1.66. The firm has a market capitalization of $5.11 billion, a PE ratio of 330.26 and a beta of 2.01. The company’s 50 day simple moving average is $22.53 and its 200 day simple moving average is $20.29.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of recent research reports. The Goldman Sachs Group raised their target price on shares of Shoals Technologies Group from $18.00 to $20.00 and gave the stock a “sell” rating in a report on Tuesday. Guggenheim cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Friday, September 9th. They noted that the move was a valuation call. Piper Sandler raised their target price on shares of Shoals Technologies Group from $28.00 to $30.00 and gave the stock a “neutral” rating in a report on Tuesday. Oppenheimer raised their target price on shares of Shoals Technologies Group to $41.00 in a report on Thursday. Finally, Barclays raised their target price on shares of Shoals Technologies Group from $25.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $30.93.

Insider Activity at Shoals Technologies Group

In related news, General Counsel Mehgan Peetz sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $25.24, for a total transaction of $93,463.72. Following the transaction, the general counsel now owns 97,106 shares in the company, valued at $2,450,955.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Jason R. Whitaker sold 8,333 shares of the firm’s stock in a transaction that occurred on Tuesday, September 13th. The shares were sold at an average price of $25.22, for a total transaction of $210,158.26. Following the transaction, the chief executive officer now owns 688,828 shares in the company, valued at $17,372,242.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Mehgan Peetz sold 3,703 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $25.24, for a total transaction of $93,463.72. Following the transaction, the general counsel now owns 97,106 shares in the company, valued at approximately $2,450,955.44. The disclosure for this sale can be found here. Insiders have sold 14,070 shares of company stock worth $354,208 over the last quarter. 1.67% of the stock is currently owned by company insiders.

About Shoals Technologies Group

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Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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Institutional Ownership by Quarter for Shoals Technologies Group (NASDAQ:SHLS)

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