Invenomic Capital Management LP Lowers Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Invenomic Capital Management LP decreased its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 5.3% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,967,135 shares of the company’s stock after selling 109,785 shares during the period. Invenomic Capital Management LP’s holdings in Shoals Technologies Group were worth $11,036,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in SHLS. Price T Rowe Associates Inc. MD lifted its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after buying an additional 1,857 shares during the last quarter. FMR LLC lifted 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 valued at $33,000 after purchasing an additional 1,906 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after acquiring an additional 2,517 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares during the last quarter. Finally, Point72 DIFC Ltd increased its position in shares of Shoals Technologies Group by 12.8% during the 2nd quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after purchasing an additional 6,206 shares during the last quarter.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was purchased at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 0.36% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

SHLS has been the topic of several recent analyst reports. UBS Group dropped their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Finally, Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $11.31.

Shoals Technologies Group Stock Down 0.4 %

Shares of SHLS stock opened at $5.14 on Tuesday. The company’s fifty day simple moving average is $5.25 and its two-hundred day simple moving average is $5.96. 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 stock has a market cap of $856.84 million, a P/E ratio of 25.80, a PEG ratio of 0.76 and a beta of 1.69. Shoals Technologies Group, Inc. has a 52 week low of $4.07 and a 52 week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same quarter in the prior year, the business posted $0.16 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. Analysts predict 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.