Bank of America Corp DE Lowers Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bank of America Corp DE trimmed its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 42.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 531,104 shares of the company’s stock after selling 383,851 shares during the quarter. Bank of America Corp DE owned about 0.32% of Shoals Technologies Group worth $2,937,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Schonfeld Strategic Advisors LLC increased its stake in shares of Shoals Technologies Group by 189.1% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 123,695 shares of the company’s stock worth $684,000 after purchasing an additional 80,911 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after buying an additional 1,935,983 shares during the period. Ameriprise Financial Inc. increased its holdings in Shoals Technologies Group by 45.3% during the 4th quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company’s stock worth $10,410,000 after purchasing an additional 587,235 shares during the period. RWC Asset Management LLP purchased a new position in shares of Shoals Technologies Group in the 4th quarter valued at $1,891,000. Finally, Erste Asset Management GmbH grew its holdings in Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock worth $20,269,000 after purchasing an additional 128,664 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Guggenheim upped their price target on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a report on Friday, May 9th. BNP Paribas reaffirmed an “underperform” rating and set a $4.00 price objective (down previously from $4.50) on shares of Shoals Technologies Group in a research report on Thursday, May 15th. Royal Bank of Canada decreased their price target on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Wolfe Research began coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a “peer perform” rating on the stock. Finally, BNP Paribas Exane downgraded shares of Shoals Technologies Group from a “neutral” rating to an “underperform” rating and set a $4.00 target price on the stock. in a report on Thursday, May 15th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $8.40.

Insider Activity at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last ninety days, insiders have sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Price Performance

SHLS stock opened at $4.78 on Friday. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $8.05. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market cap of $799.10 million, a price-to-earnings ratio of 23.90, a PEG ratio of 0.52 and a beta of 1.52. The company’s fifty day simple moving average is $3.97 and its 200 day simple moving average is $4.31.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. During the same period in the previous year, the firm earned $0.07 earnings per share. The company’s revenue was down 11.2% on a year-over-year basis. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current 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.