Point72 Asset Management L.P. Sells 1,306,643 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Point72 Asset Management L.P. cut its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 19.1% in the fourth quarter, HoldingsChannel reports. The firm owned 5,537,579 shares of the company’s stock after selling 1,306,643 shares during the period. Point72 Asset Management L.P.’s holdings in Shoals Technologies Group were worth $30,623,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of SHLS. Empirical Asset Management LLC bought a new stake in Shoals Technologies Group in the fourth quarter worth $59,000. SG Americas Securities LLC bought a new stake in Shoals Technologies Group during the fourth quarter valued at about $185,000. Stratos Wealth Partners LTD. bought a new stake in Shoals Technologies Group during the fourth quarter valued at about $110,000. Cidel Asset Management Inc. acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at about $326,000. Finally, RWC Asset Management LLP bought a new position in shares of Shoals Technologies Group in the fourth quarter worth about $1,891,000.

Analyst Upgrades and Downgrades

SHLS has been the subject of several recent analyst reports. Royal Bank of Canada decreased 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. The Goldman Sachs Group raised their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a report on Wednesday, May 7th. Mizuho lowered their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. UBS Group lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Finally, Citigroup raised their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.40.

Insider Buying and Selling at Shoals Technologies Group

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 transaction, the chief executive officer now owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. The trade was a 2.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $4.86 on Friday. 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 $811.60 million, a PE ratio of 24.30, a price-to-earnings-growth ratio of 0.52 and a beta of 1.52. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $8.52. The business has a 50 day simple moving average of $3.70 and a 200 day simple moving average of $4.38.

Shoals Technologies Group (NASDAQ:SHLS) last posted its 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 company had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s quarterly revenue was down 11.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.07 EPS. On average, sell-side analysts forecast 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.