BlackRock Inc. Sells 2,414,366 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

BlackRock Inc. cut its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 15.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,214,781 shares of the company’s stock after selling 2,414,366 shares during the quarter. BlackRock Inc. owned 7.90% of Shoals Technologies Group worth $284,777,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in Shoals Technologies Group by 5.5% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 13,426,495 shares of the company’s stock valued at $221,269,000 after acquiring an additional 694,386 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Shoals Technologies Group by 0.8% during the 1st quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after buying an additional 55,184 shares during the period. William Blair Investment Management LLC bought a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $88,878,000. Goldman Sachs Group Inc. lifted its holdings in shares of Shoals Technologies Group by 69.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 4,073,397 shares of the company’s stock valued at $67,130,000 after buying an additional 1,670,238 shares during the period. Finally, Capital Research Global Investors lifted its holdings in shares of Shoals Technologies Group by 107.7% during the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock valued at $59,071,000 after buying an additional 1,797,637 shares during the period. 81.94% of the stock is owned by institutional investors.

Shoals Technologies Group Trading Down 5.9 %

SHLS opened at $21.84 on Friday. The firm has a market cap of $3.65 billion, a P/E ratio of 26.31 and a beta of 2.17. Shoals Technologies Group, Inc. has a 12 month low of $9.58 and a 12 month high of $32.43. The company has a current ratio of 2.92, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79. The stock has a 50-day moving average of $25.84 and a 200 day moving average of $24.81.

Analyst Ratings Changes

A number of equities analysts recently commented on SHLS shares. Cowen decreased their target price on Shoals Technologies Group from $37.50 to $35.00 and set an “outperform” rating on the stock in a report on Friday, January 20th. TheStreet cut Shoals Technologies Group from a “c-” rating to a “d+” rating in a report on Thursday, February 9th. Morgan Stanley decreased their target price on Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 10th. Piper Sandler increased their price target on Shoals Technologies Group from $28.00 to $30.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 15th. Finally, Oppenheimer increased their price target on Shoals Technologies Group to $41.00 in a research note on Thursday, November 17th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $31.22.

Insider Buying and Selling

In related news, major shareholder Dean Solon sold 24,501,650 shares of Shoals Technologies Group stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $24.25, for a total value of $594,165,012.50. Following the completion of the transaction, the insider now owns 3,675,247 shares in the company, valued at $89,124,739.75. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 6,009 shares of the firm’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $24.43, for a total value of $146,799.87. Following the completion of the sale, the chief executive officer now owns 477,011 shares of the company’s stock, valued at $11,653,378.73. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Dean Solon sold 24,501,650 shares of the firm’s stock in a transaction dated Friday, March 10th. The stock was sold at an average price of $24.25, for a total transaction of $594,165,012.50. Following the completion of the sale, the insider now directly owns 3,675,247 shares of the company’s stock, valued at approximately $89,124,739.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,571,844 shares of company stock worth $596,040,180. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Company Profile

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Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.