Skandinaviska Enskilda Banken AB publ Grows Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Skandinaviska Enskilda Banken AB publ increased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 10.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 211,167 shares of the company’s stock after purchasing an additional 19,867 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Shoals Technologies Group were worth $1,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new stake in shares of Shoals Technologies Group during the fourth quarter worth about $59,000. TrinityPoint Wealth LLC bought a new stake in shares of Shoals Technologies Group in the third quarter worth about $60,000. Versor Investments LP purchased a new position in Shoals Technologies Group during the 4th quarter valued at about $91,000. Finally, GSA Capital Partners LLP bought a new position in Shoals Technologies Group during the 3rd quarter valued at approximately $104,000.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 40,575 shares of company stock worth $123,957 in the last three months. Insiders own 1.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Oppenheimer reduced their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Wolfe Research began coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They issued a “peer perform” rating for the company. Truist Financial dropped their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. JPMorgan Chase & Co. reduced their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Three equities research 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’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $3.25 on Tuesday. The business has a fifty day moving average price of $4.25 and a 200-day moving average price of $4.96. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company has a market capitalization of $542.73 million, a PE ratio of 16.25, a PEG ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $12.98.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The firm had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.12 earnings per share. As a group, equities 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.