Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 47.1% in the fourth quarter, HoldingsChannel reports. The fund owned 101,992 shares of the company’s stock after acquiring an additional 32,676 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Shoals Technologies Group were worth $605,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after purchasing an additional 1,906 shares during the last quarter. Empirical Asset Management LLC bought a new position in Shoals Technologies Group during the 4th quarter valued at approximately $59,000. Cibc World Markets Corp purchased a new position in Shoals Technologies Group during the fourth quarter valued at $87,000. Versor Investments LP bought a new stake in Shoals Technologies Group in the fourth quarter worth $91,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in shares of Shoals Technologies Group in the fourth quarter worth $110,000.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 40,575 shares of company stock valued at $123,957 in the last ninety days. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

SHLS opened at $3.26 on Thursday. The firm’s 50 day simple moving average is $3.79 and its two-hundred day simple moving average is $4.75. The company has a market capitalization of $544.40 million, a PE ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $11.24. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26.

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

Analyst Upgrades and Downgrades

SHLS has been the topic of a number of analyst reports. UBS Group dropped their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Wolfe Research started coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They set a “peer perform” rating on the stock. Barclays reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research note on Tuesday, December 17th. Finally, Roth Mkm decreased their price target on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Company 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.