Encompass Capital Advisors LLC Purchases 683,642 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Encompass Capital Advisors LLC increased its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 14.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 5,410,245 shares of the company’s stock after purchasing an additional 683,642 shares during the period. Encompass Capital Advisors LLC’s holdings in Shoals Technologies Group were worth $29,919,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC raised its holdings in shares of Shoals Technologies Group by 20.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock valued at $86,000 after acquiring an additional 2,652 shares in the last quarter. Barclays PLC lifted its position in shares of Shoals Technologies Group by 3.3% in the 4th quarter. Barclays PLC now owns 300,910 shares of the company’s stock worth $1,665,000 after purchasing an additional 9,668 shares during the period. Empirical Asset Management LLC bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at about $59,000. Electron Capital Partners LLC raised its stake in Shoals Technologies Group by 15.3% in the fourth quarter. Electron Capital Partners LLC now owns 90,460 shares of the company’s stock worth $500,000 after buying an additional 12,013 shares in the last quarter. Finally, Federated Hermes Inc. lifted its holdings in Shoals Technologies Group by 0.8% in the fourth quarter. Federated Hermes Inc. now owns 1,693,684 shares of the company’s stock worth $9,366,000 after buying an additional 14,159 shares during the period.

Analyst Ratings Changes

A number of research firms have recently commented on SHLS. Royal Bank of Canada lowered their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Wolfe Research started coverage on shares of Shoals Technologies Group in a research report on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Barclays lowered their price target on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Roth Mkm decreased their target price on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Finally, Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average price target of $8.82.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction dated 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 in the company, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group Trading Up 2.3 %

Shares of SHLS stock opened at $4.82 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12-month low of $2.71 and a 12-month high of $8.52. The stock has a market capitalization of $804.92 million, a P/E ratio of 24.10, a P/E/G ratio of 0.52 and a beta of 1.52. The firm’s 50 day moving average is $3.41 and its 200 day moving average is $4.38.

Shoals Technologies Group (NASDAQ:SHLS) last released 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). The business had revenue of $80.36 million for the quarter, compared to analysts’ expectations of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 EPS. Research analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Shoals Technologies Group Profile

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.