Goodlander Investment Management LLC Makes New $8.30 Million Investment in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Goodlander Investment Management LLC acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, HoldingsChannel reports. The firm acquired 1,500,000 shares of the company’s stock, valued at approximately $8,295,000. Shoals Technologies Group comprises about 6.2% of Goodlander Investment Management LLC’s holdings, making the stock its 9th largest position.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake 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 valued at $94,915,000 after purchasing an additional 576,736 shares during the period. Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 8.6% during the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares during the last quarter. Invesco Ltd. boosted its position in Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares during the period. Encompass Capital Advisors LLC grew its holdings in Shoals Technologies Group by 14.5% in the 4th quarter. Encompass Capital Advisors LLC now owns 5,410,245 shares of the company’s stock worth $29,919,000 after acquiring an additional 683,642 shares during the last quarter. Finally, Franklin Resources Inc. increased its position in shares of Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after acquiring an additional 658,617 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SHLS shares. Piper Sandler dropped their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Roth Mkm dropped their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Citigroup boosted their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a research note on Wednesday. Oppenheimer dropped their price target 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. Finally, UBS Group reduced their price objective 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 Wednesday, February 26th. Two investment 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $8.77.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.07 on Friday. The business has a fifty day moving average price of $3.45 and a 200-day moving average price of $4.38. 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 $846.66 million, a PE ratio of 25.35, a PEG ratio of 0.52 and a beta of 1.52. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last released 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 firm had revenue of $80.36 million for the quarter, compared to the consensus estimate of $74.66 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.07 earnings per share. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 40,575 shares of company stock valued at $123,957 over the last 90 days. Corporate insiders own 1.67% of the company’s stock.

Shoals Technologies Group Company 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.