Brevan Howard Capital Management LP Invests $390,000 in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Brevan Howard Capital Management LP purchased a new stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 70,569 shares of the company’s stock, valued at approximately $390,000.

Several other institutional investors have also added to or reduced their stakes in SHLS. BNP Paribas Financial Markets bought a new position in shares of Shoals Technologies Group during the 4th quarter valued at approximately $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 last quarter. Mercer Global Advisors Inc. ADV bought a new position in Shoals Technologies Group during the fourth quarter valued at $238,000. Freestone Grove Partners LP purchased a new position in shares of Shoals Technologies Group in the 4th quarter worth $2,895,000. Finally, Comerica Bank increased its holdings in shares of Shoals Technologies Group by 73.2% in the 4th quarter. Comerica Bank now owns 162,648 shares of the company’s stock worth $899,000 after buying an additional 68,725 shares during the last quarter.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $5.07 on Friday. 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 company has a market capitalization of $846.66 million, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. The firm has a 50 day moving average of $3.45 and a 200 day moving average of $4.37. Shoals Technologies Group, Inc. has a 52 week low of $2.71 and a 52 week high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The company had revenue of $80.36 million for the quarter, compared to analysts’ expectations of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 earnings per share. On average, sell-side analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SHLS shares. Truist Financial dropped their price target on 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. Royal Bank of Canada cut their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Guggenheim increased their price target on Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a report on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Finally, Wolfe Research started coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a “peer perform” rating on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $8.77.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the firm’s 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 $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 available through this hyperlink. Over the last three months, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is currently owned by insiders.

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.