Skandinaviska Enskilda Banken AB publ Grows Stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 10.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 211,167 shares of the company’s stock after purchasing an additional 19,867 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.13% of Shoals Technologies Group worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of SHLS. Impax Asset Management Group plc increased its position in Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after buying an additional 1,935,983 shares during the last quarter. Wellington Management Group LLP increased its holdings in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter. Point72 Europe London LLP bought a new stake in Shoals Technologies Group in the 3rd quarter valued at about $1,461,000. RWC Asset Management LLP bought a new stake in Shoals Technologies Group in the 4th quarter valued at about $1,891,000. Finally, Erste Asset Management GmbH purchased a new stake in Shoals Technologies Group during the third quarter valued at about $20,191,000.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the business’s 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. The trade was a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Trading Down 0.3 %

Shares of SHLS stock opened at $3.25 on Tuesday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market cap of $542.73 million, a P/E ratio of 16.25, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The business has a 50-day moving average price of $4.25 and a two-hundred day moving average price of $4.96. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $12.98.

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 analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. During the same quarter in the previous year, the firm earned $0.12 EPS. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. Equities analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bank of America initiated coverage on shares of Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 target price for the company. Jefferies Financial Group lowered their target price on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a report on Wednesday, March 12th. JPMorgan Chase & Co. cut their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a report on Thursday, January 23rd. The Goldman Sachs Group decreased their price objective on 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. Finally, Royal Bank of Canada cut their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” 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 assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group 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.