Arizona State Retirement System Raises Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Arizona State Retirement System boosted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 4.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,792 shares of the company’s stock after acquiring an additional 1,247 shares during the quarter. Arizona State Retirement System’s holdings in Shoals Technologies Group were worth $784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of SHLS. Capital Research Global Investors boosted its holdings in Shoals Technologies Group by 107.7% during the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock valued at $59,071,000 after acquiring an additional 1,797,637 shares during the period. Goldman Sachs Group Inc. raised its position in Shoals Technologies Group by 69.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock valued at $67,130,000 after purchasing an additional 1,670,238 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Shoals Technologies Group by 381.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,708,873 shares of the company’s stock valued at $42,158,000 after purchasing an additional 1,353,615 shares during the last quarter. State Street Corp raised its position in Shoals Technologies Group by 44.5% during the 2nd quarter. State Street Corp now owns 2,907,093 shares of the company’s stock valued at $47,909,000 after purchasing an additional 895,826 shares during the last quarter. Finally, Macquarie Group Ltd. raised its position in Shoals Technologies Group by 536.0% during the 3rd quarter. Macquarie Group Ltd. now owns 978,277 shares of the company’s stock valued at $21,100,000 after purchasing an additional 824,469 shares during the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 3,008 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $24.59, for a total transaction of $73,966.72. Following the sale, the chief executive officer now directly owns 461,964 shares in the company, valued at approximately $11,359,694.76. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, President Jeffery Tolnar sold 3,575 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $19.73, for a total value of $70,534.75. Following the transaction, the president now directly owns 66,044 shares in the company, valued at approximately $1,303,048.12. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jason R. Whitaker sold 3,008 shares of the firm’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $24.59, for a total value of $73,966.72. Following the completion of the transaction, the chief executive officer now directly owns 461,964 shares in the company, valued at $11,359,694.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,695,143 shares of company stock worth $598,266,559. Insiders own 1.67% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on SHLS shares. Guggenheim raised Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $30.00 price target for the company in a research report on Tuesday, May 9th. TheStreet lowered Shoals Technologies Group from a “c-” rating to a “d+” rating in a research report on Thursday, February 9th. Morgan Stanley decreased their target price on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating for the company in a research report on Monday, April 3rd. Northland Securities raised Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday, May 9th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $29.00 target price on shares of Shoals Technologies Group in a research report on Monday, March 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.34.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $24.71 on Tuesday. The company has a quick ratio of 1.53, a current ratio of 2.92 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $4.19 billion, a P/E ratio of 27.15 and a beta of 2.10. The stock’s 50 day moving average is $21.79 and its 200 day moving average is $24.30. Shoals Technologies Group, Inc. has a twelve month low of $11.59 and a twelve month high of $32.43.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its earnings results on Tuesday, February 28th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. Shoals Technologies Group had a return on equity of 55.58% and a net margin of 38.26%. The business had revenue of $94.65 million for the quarter, compared to the consensus estimate of $86.29 million. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.47 earnings per share for the current fiscal year.

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.