The Manufacturers Life Insurance Company Sells 2,424 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

The Manufacturers Life Insurance Company lessened its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 99,199 shares of the company’s stock after selling 2,424 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Shoals Technologies Group worth $559,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in SHLS. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group in the second quarter worth approximately $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the 2nd quarter worth approximately $64,000. TrinityPoint Wealth LLC acquired a new position in shares of Shoals Technologies Group in the 3rd quarter worth approximately $60,000. American Trust bought a new stake in shares of Shoals Technologies Group in the 2nd quarter valued at $68,000. Finally, Versor Investments LP acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $80,000.

Analyst Ratings Changes

Several equities analysts recently issued reports on SHLS shares. Morgan Stanley dropped their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. Guggenheim dropped 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 Thursday, November 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Finally, Wells Fargo & Company initiated coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 price target on the stock. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $11.31.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were purchased at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the purchase, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 8,920 shares of company stock worth $45,863 over the last quarter. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

SHLS stock opened at $4.41 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The business has a 50-day simple moving average of $5.06 and a two-hundred day simple moving average of $5.79. The company has a market capitalization of $735.14 million, a P/E ratio of 22.05, a price-to-earnings-growth ratio of 0.66 and a beta of 1.69. Shoals Technologies Group, Inc. has a 52-week low of $4.07 and a 52-week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.16 EPS. Research analysts expect that Shoals Technologies Group, Inc. will post 0.29 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.