Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. decreased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 220,990 shares of the company’s stock after selling 5,723 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Shoals Technologies Group were worth $3,434,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in Shoals Technologies Group by 38.0% in the 3rd quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after purchasing an additional 2,764,566 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Shoals Technologies Group by 28.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after buying an additional 1,402,419 shares during the period. Assenagon Asset Management S.A. grew its holdings in Shoals Technologies Group by 24.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock valued at $333,000 after buying an additional 4,261 shares during the period. Glenmede Trust Co. NA purchased a new stake in Shoals Technologies Group in the 3rd quarter valued at about $206,000. Finally, Advisors Asset Management Inc. grew its holdings in Shoals Technologies Group by 5.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 18,490 shares of the company’s stock valued at $337,000 after buying an additional 929 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Truist Financial restated a “buy” rating and issued a $20.00 price target (down previously from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. UBS Group lowered their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a report on Friday, March 1st. Janney Montgomery Scott initiated coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price target for the company. The Goldman Sachs Group decreased their target price on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a report on Friday, March 1st. Finally, Mizuho reiterated a “buy” rating and set a $18.00 target price (down previously from $19.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $21.06.

Shoals Technologies Group Stock Down 0.8 %

NASDAQ SHLS opened at $8.28 on Thursday. The stock has a market cap of $1.41 billion, a PE ratio of 33.12 and a beta of 1.79. Shoals Technologies Group, Inc. has a fifty-two week low of $8.23 and a fifty-two week high of $28.34. The business has a 50 day moving average price of $12.69 and a two-hundred day moving average price of $14.04. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The company had revenue of $130.44 million during the quarter, compared to analysts’ expectations of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. As a group, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.51 EPS for the current fiscal 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.