Raymond James & Associates Raises Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Raymond James & Associates lifted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 22.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,180 shares of the company’s stock after buying an additional 27,120 shares during the quarter. Raymond James & Associates owned approximately 0.09% of Shoals Technologies Group worth $3,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of SHLS. Capital Research Global Investors grew its holdings in shares of Shoals Technologies Group by 107.7% during the first 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. Goldman Sachs Group Inc. boosted its position in shares of Shoals Technologies Group by 69.5% in the second quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock worth $67,130,000 after acquiring an additional 1,670,238 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Shoals Technologies Group by 381.0% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,708,873 shares of the company’s stock worth $42,158,000 after acquiring an additional 1,353,615 shares during the last quarter. State Street Corp boosted its position in shares of Shoals Technologies Group by 44.5% in the second quarter. State Street Corp now owns 2,907,093 shares of the company’s stock worth $47,909,000 after acquiring an additional 895,826 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in shares of Shoals Technologies Group by 536.0% in the third quarter. Macquarie Group Ltd. now owns 978,277 shares of the company’s stock worth $21,100,000 after acquiring an additional 824,469 shares during the last quarter. 81.94% of the stock is currently owned by hedge funds and other institutional investors.

Shoals Technologies Group Trading Down 0.9 %

SHLS opened at $23.45 on Friday. The firm has a market capitalization of $3.98 billion, a P/E ratio of 25.77 and a beta of 2.10. The firm’s 50 day moving average is $22.02 and its 200-day moving average is $24.36. Shoals Technologies Group, Inc. has a 52-week low of $13.92 and a 52-week high of $32.43. The company has a quick ratio of 1.69, a current ratio of 2.83 and a debt-to-equity ratio of 0.46.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its quarterly earnings results on Tuesday, February 28th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.06. The business had revenue of $94.65 million during the quarter, compared to analyst estimates of $86.29 million. Shoals Technologies Group had a net margin of 38.26% and a return on equity of 29.36%. Analysts expect that Shoals Technologies Group, Inc. will post 0.49 EPS for the current fiscal year.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, President Jeffery Tolnar sold 1,415 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $22.79, for a total transaction of $32,247.85. Following the completion of the sale, the president now owns 64,629 shares in the company, valued at $1,472,894.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 3,008 shares of the business’s stock in a transaction on Thursday, March 2nd. The shares were sold at an average price of $24.59, for a total transaction of $73,966.72. Following the completion of the sale, the chief executive officer now owns 461,964 shares in the company, valued at $11,359,694.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, President Jeffery Tolnar sold 1,415 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $22.79, for a total transaction of $32,247.85. Following the sale, the president now owns 64,629 shares of the company’s stock, valued at approximately $1,472,894.91. The disclosure for this sale can be found here. Insiders sold a total of 24,695,143 shares of company stock worth $598,266,559 over the last 90 days. Insiders own 1.67% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. The Goldman Sachs Group raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the stock from $20.00 to $22.00 in a research report on Thursday, March 30th. Cantor Fitzgerald decreased their target price on shares of Shoals Technologies Group from $30.00 to $27.00 in a research report on Tuesday, May 9th. 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. TheStreet cut shares of Shoals Technologies Group from a “c-” rating to a “d+” rating in a research report on Thursday, February 9th. Finally, Northland Securities raised shares of Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 price target on the stock in a research report on Tuesday, May 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and an average price target of $31.34.

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.