Invenomic Capital Management LP Has $11.04 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Invenomic Capital Management LP lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 5.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,967,135 shares of the company’s stock after selling 109,785 shares during the quarter. Invenomic Capital Management LP owned approximately 1.18% of Shoals Technologies Group worth $11,036,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $54,000. TrinityPoint Wealth LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth approximately $60,000. Mackenzie Financial Corp bought a new position in shares of Shoals Technologies Group in the 2nd quarter worth $64,000. Finally, American Trust bought a new position in Shoals Technologies Group during the 2nd quarter valued at $68,000.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss purchased 22,300 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.36% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Northland Securities decreased their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Piper Sandler reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. UBS Group lowered their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, TD Cowen upped their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.31.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.14 on Tuesday. The stock has a market cap of $856.84 million, a P/E ratio of 25.80, a P/E/G ratio of 0.76 and a beta of 1.69. The company has a fifty day moving average price of $5.25 and a two-hundred day moving average price of $5.96. Shoals Technologies Group, Inc. has a one year low of $4.07 and a one year high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same quarter last year, the firm posted $0.16 EPS. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

About Shoals Technologies Group

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.