Encompass Capital Advisors LLC Sells 7,040,138 Shares of Shoals Technologies Group, Inc. $SHLS

Encompass Capital Advisors LLC lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 59.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,823,369 shares of the company’s stock after selling 7,040,138 shares during the period. Shoals Technologies Group accounts for approximately 1.7% of Encompass Capital Advisors LLC’s investment portfolio, making the stock its 17th biggest holding. Encompass Capital Advisors LLC owned approximately 2.88% of Shoals Technologies Group worth $40,999,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in Shoals Technologies Group by 57.7% in the 4th quarter. GAMMA Investing LLC now owns 3,756 shares of the company’s stock valued at $32,000 after acquiring an additional 1,375 shares in the last quarter. USA Financial Formulas acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth $49,000. CIBC Asset Management Inc acquired a new position in shares of Shoals Technologies Group during the 4th quarter worth $85,000. Cibc World Markets Corp acquired a new stake in shares of Shoals Technologies Group during the 4th quarter valued at $95,000. Finally, Boothbay Fund Management LLC bought a new stake in Shoals Technologies Group during the 4th quarter worth $105,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SHLS. TD Cowen restated a “buy” rating on shares of Shoals Technologies Group in a research report on Tuesday, February 24th. Wells Fargo & Company boosted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 11th. Morgan Stanley reduced their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a research report on Wednesday, February 25th. JPMorgan Chase & Co. boosted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Roth Mkm reduced their price objective on Shoals Technologies Group from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, February 24th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and an average target price of $9.71.

Shoals Technologies Group Trading Down 5.2%

NASDAQ SHLS opened at $9.44 on Thursday. The business’s 50-day moving average price is $9.12 and its two-hundred day moving average price is $8.57. Shoals Technologies Group, Inc. has a 12 month low of $3.99 and a 12 month high of $13.18. The firm has a market capitalization of $1.58 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 1.21 and a beta of 1.90. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The firm had revenue of $140.56 million for the quarter, compared to analyst estimates of $129.16 million. The company’s revenue for the quarter was up 74.4% compared to the same quarter last year. On average, analysts expect that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total value of $104,100.00. Following the sale, the insider owned 98,918 shares in the company, valued at approximately $1,029,736.38. The trade was a 9.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Dominic Bardos sold 54,449 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the sale, the chief financial officer owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.81% of the company’s stock.

Shoals Technologies Group Company Profile

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.