Pictet Asset Management Holding SA Has $16.85 Million Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Pictet Asset Management Holding SA lessened its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 8.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,046,258 shares of the company’s stock after selling 278,559 shares during the period. Pictet Asset Management Holding SA owned about 1.83% of Shoals Technologies Group worth $16,846,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SHLS. Norges Bank bought a new stake in shares of Shoals Technologies Group during the 4th quarter valued at approximately $12,472,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Shoals Technologies Group by 47.1% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 101,992 shares of the company’s stock valued at $605,000 after buying an additional 32,676 shares in the last quarter. Prudential Financial Inc. grew its stake in shares of Shoals Technologies Group by 161.9% during the fourth quarter. Prudential Financial Inc. now owns 33,925 shares of the company’s stock worth $188,000 after buying an additional 20,974 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Shoals Technologies Group by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock worth $94,915,000 after buying an additional 576,736 shares in the last quarter. Finally, Fox Run Management L.L.C. increased its holdings in shares of Shoals Technologies Group by 82.3% during the fourth quarter. Fox Run Management L.L.C. now owns 44,784 shares of the company’s stock worth $248,000 after buying an additional 20,215 shares in the last quarter.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $3.26 on Wednesday. The business has a 50-day simple moving average of $3.81 and a 200 day simple moving average of $4.76. Shoals Technologies Group, Inc. has a one year low of $2.71 and a one year high of $11.24. 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 firm has a market capitalization of $544.40 million, a price-to-earnings ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last issued its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same period in the previous year, the company earned $0.12 earnings per share. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year. On average, research analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Oppenheimer lowered their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research note on Tuesday, January 28th. Truist Financial cut their target price on shares of 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. Jefferies Financial Group decreased their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating for the company in a research report on Wednesday, March 12th. Finally, Mizuho cut their price target on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $8.87.

Insider Buying and Selling at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 40,575 shares of company stock valued at $123,957. Corporate 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.