CoreCommodity Management LLC Reduces Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

CoreCommodity Management LLC cut its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 88.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 81,366 shares of the company’s stock after selling 631,662 shares during the period. CoreCommodity Management LLC’s holdings in Shoals Technologies Group were worth $450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SHLS. Brevan Howard Capital Management LP purchased a new position in Shoals Technologies Group during the 4th quarter worth approximately $390,000. BNP Paribas Financial Markets purchased a new position in shares of Shoals Technologies Group during the fourth quarter worth $3,107,000. Ameriprise Financial Inc. lifted its position in Shoals Technologies Group by 45.3% during the fourth quarter. Ameriprise Financial Inc. now owns 1,882,420 shares of the company’s stock valued at $10,410,000 after purchasing an additional 587,235 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in Shoals Technologies Group in the fourth quarter valued at $238,000. Finally, Freestone Grove Partners LP acquired a new stake in Shoals Technologies Group during the 4th quarter worth about $2,895,000.

Shoals Technologies Group Price Performance

NASDAQ:SHLS opened at $4.41 on Wednesday. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $8.90. The stock has a market cap of $736.45 million, a PE ratio of 22.05, a P/E/G ratio of 0.52 and a beta of 1.52. 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 stock has a 50 day moving average price of $3.34 and a 200 day moving average price of $4.38.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly 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 company had revenue of $80.36 million for the quarter, compared to analysts’ expectations of $74.66 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The firm’s revenue was down 11.2% on a year-over-year basis. Equities research analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SHLS. JPMorgan Chase & Co. lowered their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Barclays dropped their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Jefferies Financial Group decreased their target price on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research note on Wednesday, March 12th. Roth Mkm dropped their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Finally, Oppenheimer decreased their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average target price of $8.87.

Insider Activity

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 40,575 shares of company stock valued at $123,957 in the last 90 days. Company insiders own 1.67% of the company’s stock.

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.