Putnam Investments LLC Has $1.80 Million Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Putnam Investments LLC reduced its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 28.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,450 shares of the company’s stock after selling 33,986 shares during the quarter. Putnam Investments LLC’s holdings in Shoals Technologies Group were worth $1,798,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Shoals Technologies Group by 5.5% during the second quarter. Price T Rowe Associates Inc. MD now owns 13,426,495 shares of the company’s stock worth $221,269,000 after purchasing an additional 694,386 shares during the last quarter. Invesco Ltd. grew its stake in Shoals Technologies Group by 0.8% during the first quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after acquiring an additional 55,184 shares in the last quarter. William Blair Investment Management LLC purchased a new position in Shoals Technologies Group during the second quarter valued at approximately $88,878,000. Goldman Sachs Group Inc. grew its stake in Shoals Technologies Group by 69.5% in the 2nd quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock worth $67,130,000 after buying an additional 1,670,238 shares in the last quarter. Finally, Capital Research Global Investors grew its stake in Shoals Technologies Group by 107.7% in the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after buying an additional 1,797,637 shares in the last quarter. 81.94% of the stock is currently owned by institutional investors and hedge funds.

Shoals Technologies Group Stock Down 5.9 %

Shares of Shoals Technologies Group stock opened at $21.84 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.92 and a quick ratio of 1.53. The company has a 50-day moving average of $25.84 and a 200 day moving average of $24.80. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 26.31 and a beta of 2.17. Shoals Technologies Group, Inc. has a 1 year low of $9.58 and a 1 year high of $32.43.

Analyst Ratings Changes

SHLS has been the subject of a number of research reports. Morgan Stanley cut their price objective on shares of Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Barclays upped their price objective on shares of Shoals Technologies Group from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 16th. Piper Sandler upped their price objective on shares of Shoals Technologies Group from $28.00 to $30.00 and gave the company a “neutral” rating in a research note on Tuesday, November 15th. Northland Securities cut shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $30.00 to $27.00 in a research note on Wednesday, March 1st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Shoals Technologies Group from $35.00 to $36.00 in a research note on Thursday, December 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $31.22.

Insider Buying and Selling

In related news, CEO Jason R. Whitaker sold 13,020 shares of the stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $25.37, for a total value of $330,317.40. Following the completion of the transaction, the chief executive officer now directly owns 563,567 shares in the company, valued at approximately $14,297,694.79. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Jason R. Whitaker sold 13,020 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $25.37, for a total transaction of $330,317.40. Following the sale, the chief executive officer now owns 563,567 shares of the company’s stock, valued at approximately $14,297,694.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Dean Solon sold 24,501,650 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was sold at an average price of $24.25, for a total transaction of $594,165,012.50. Following the sale, the insider now owns 3,675,247 shares in the company, valued at approximately $89,124,739.75. The disclosure for this sale can be found here. Insiders sold a total of 24,571,844 shares of company stock worth $596,040,180 in the last three months. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Profile

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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.