Assenagon Asset Management S.A. Sells 177,311 Shares of Shoals Technologies Group, Inc. $SHLS

Assenagon Asset Management S.A. cut its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 51.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 166,824 shares of the company’s stock after selling 177,311 shares during the quarter. Assenagon Asset Management S.A. owned 0.10% of Shoals Technologies Group worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SHLS. Canada Pension Plan Investment Board boosted its position in Shoals Technologies Group by 13.0% in the second quarter. Canada Pension Plan Investment Board now owns 20,200 shares of the company’s stock valued at $86,000 after buying an additional 2,316 shares in the last quarter. AE Wealth Management LLC lifted its stake in shares of Shoals Technologies Group by 8.6% in the 2nd quarter. AE Wealth Management LLC now owns 34,568 shares of the company’s stock valued at $147,000 after acquiring an additional 2,743 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Shoals Technologies Group by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 195,828 shares of the company’s stock valued at $832,000 after acquiring an additional 3,601 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Shoals Technologies Group by 43.4% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,569 shares of the company’s stock valued at $62,000 after acquiring an additional 4,412 shares in the last quarter. Finally, Pallas Capital Advisors LLC grew its position in Shoals Technologies Group by 27.7% during the 2nd quarter. Pallas Capital Advisors LLC now owns 24,517 shares of the company’s stock worth $104,000 after acquiring an additional 5,320 shares during the last quarter.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CFO Dominic Bardos sold 4,170 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.83, for a total transaction of $32,651.10. Following the sale, the chief financial officer owned 412,289 shares of the company’s stock, valued at approximately $3,228,222.87. This represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.67% of the stock is currently owned by insiders.

Analyst Ratings Changes

SHLS has been the subject of several research reports. Zacks Research downgraded Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $9.50 price objective (down previously from $11.00) on shares of Shoals Technologies Group in a research note on Tuesday, December 16th. Wells Fargo & Company lifted their target price on shares of Shoals Technologies Group from $6.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Roth Capital reissued a “buy” rating and set a $15.00 target price (up from $10.00) on shares of Shoals Technologies Group in a report on Wednesday, November 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of Shoals Technologies Group from $9.00 to $11.00 and gave the company an “overweight” rating in a research note on Thursday, October 16th. Twelve investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $8.76.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $9.09 on Thursday. The stock has a market capitalization of $1.52 billion, a PE ratio of 45.43, a PEG ratio of 1.13 and a beta of 1.71. The business’s 50 day simple moving average is $8.97 and its 200 day simple moving average is $7.23. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.19 and a quick ratio of 1.53. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $11.36.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.12. Shoals Technologies Group had a net margin of 7.66% and a return on equity of 8.50%. The firm had revenue of $135.80 million during the quarter, compared to analyst estimates of $131.37 million. As a group, research analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.