Graham Capital Management L.P. Purchases Shares of 221,814 Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Graham Capital Management L.P. bought a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 221,814 shares of the company’s stock, valued at approximately $1,227,000.

Other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in Shoals Technologies Group in the fourth quarter valued at about $12,472,000. Impax Asset Management Group plc boosted its holdings in Shoals Technologies Group by 126.3% in the fourth quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock valued at $19,083,000 after acquiring an additional 1,935,983 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Shoals Technologies Group by 8.6% in the fourth quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after acquiring an additional 1,125,938 shares during the last quarter. Invesco Ltd. lifted its stake in Shoals Technologies Group by 20.7% in the fourth 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. Finally, Callodine Capital Management LP acquired a new position in Shoals Technologies Group in the fourth quarter valued at about $4,424,000.

Shoals Technologies Group Stock Up 5.3%

Shares of Shoals Technologies Group stock opened at $5.36 on Tuesday. The business’s 50 day simple moving average is $3.50 and its 200 day simple moving average is $4.37. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $8.52. The firm has a market cap of $895.09 million, a PE ratio of 26.80, a P/E/G ratio of 0.52 and a beta of 1.52. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, May 6th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $80.36 million during the quarter, compared to analyst estimates of $74.66 million. During the same period in the prior year, the business posted $0.07 EPS. The firm’s quarterly revenue was down 11.2% compared to the same quarter last year. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on SHLS. Mizuho cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. Guggenheim increased their target price on Shoals Technologies Group from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Friday. Jefferies Financial Group cut their target price on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a research note on Wednesday, March 12th. Royal Bank of Canada cut their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Finally, Oppenheimer cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $8.77.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred 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 directly owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 40,575 shares of company stock worth $123,957 over the last ninety days. 1.67% of the stock is currently owned by corporate insiders.

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.