Dynamic Technology Lab Private Ltd Purchases 11,441 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Dynamic Technology Lab Private Ltd lifted its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 10.5% during the third quarter, HoldingsChannel reports. The firm owned 120,670 shares of the company’s stock after buying an additional 11,441 shares during the quarter. Dynamic Technology Lab Private Ltd’s holdings in Shoals Technologies Group were worth $677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. M&G Plc bought a new position in Shoals Technologies Group during the second quarter worth about $7,021,000. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Shoals Technologies Group by 104.1% during the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock valued at $846,000 after purchasing an additional 69,193 shares in the last quarter. Swedbank AB acquired a new position in shares of Shoals Technologies Group in the 1st quarter valued at approximately $25,268,000. Skandinaviska Enskilda Banken AB publ increased its stake in Shoals Technologies Group by 146.9% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after purchasing an additional 93,400 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its holdings in Shoals Technologies Group by 34.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after buying an additional 690,344 shares during the period.

Shoals Technologies Group Trading Up 5.0 %

Shoals Technologies Group stock opened at $5.26 on Friday. 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, Inc. has a 52 week low of $4.07 and a 52 week high of $17.50. The stock has a 50-day simple moving average of $5.29 and a 200 day simple moving average of $5.99. The stock has a market capitalization of $876.84 million, a P/E ratio of 26.30, a PEG ratio of 0.73 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $98.86 million. During the same period in the prior year, the business earned $0.16 EPS. The company’s revenue for the quarter was down 23.8% compared to the same quarter last year. Analysts expect that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SHLS. Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Friday, November 15th. Truist Financial reduced their target price on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Friday, September 6th. JPMorgan Chase & Co. dropped their price target on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Northland Securities reduced their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Finally, Piper Sandler decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Three equities 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 company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $11.31.

Insider Buying and Selling

In other news, CEO Brandon Moss bought 22,300 shares of the stock in a transaction dated Thursday, November 21st. The shares were bought at an average price of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the purchase, the chief executive officer now owns 593,700 shares in the company, valued at approximately $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group 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.