Clearbridge Investments LLC Sells 365,917 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Clearbridge Investments LLC trimmed its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 16.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,857,658 shares of the company’s stock after selling 365,917 shares during the period. Clearbridge Investments LLC owned approximately 1.11% of Shoals Technologies Group worth $10,273,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Intech Investment Management LLC purchased a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $255,000. FMR LLC increased its stake in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares during the last quarter. Janus Henderson Group PLC raised its position in Shoals Technologies Group by 2.3% during the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after purchasing an additional 6,503 shares in the last quarter. Maven Securities LTD bought a new stake in Shoals Technologies Group during the third quarter worth about $252,000. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Shoals Technologies Group by 460.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after purchasing an additional 5,622,207 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 40,575 shares of company stock worth $123,957 in the last three months. 1.67% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SHLS. Truist Financial cut their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Barclays reduced their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. UBS Group lowered their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley raised Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price objective on the stock in a research note on Tuesday, December 17th. Finally, Piper Sandler lowered their target price on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and an average price target of $8.87.

Shoals Technologies Group Stock Performance

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

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly 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). The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.