Stansberry Asset Management LLC Sells 5,596 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Stansberry Asset Management LLC cut its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 6.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,565 shares of the company’s stock after selling 5,596 shares during the period. Stansberry Asset Management LLC’s holdings in Shoals Technologies Group were worth $458,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its position 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 worth $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $54,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $64,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group during the third quarter worth about $60,000. Finally, American Trust bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $68,000.

Analysts Set New Price Targets

SHLS has been the subject of a number of recent analyst reports. Bank of America initiated coverage on shares of Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective for the company. Barclays reduced their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Piper Sandler reduced their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Finally, Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group presently has an average rating of “Hold” and a consensus target price of $11.31.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.67% of the stock is owned by insiders.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $4.89 on Thursday. The company’s fifty day moving average price is $5.19 and its 200-day moving average price is $5.94. The firm has a market capitalization of $815.16 million, a price-to-earnings ratio of 24.45, a PEG ratio of 0.71 and a beta of 1.69. 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 company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. During the same period in the previous year, the company earned $0.16 EPS. Shoals Technologies Group’s quarterly revenue was down 23.8% on a year-over-year basis. On average, equities research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share 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.