Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Purchased by Algert Global LLC

Algert Global LLC increased its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 124.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 202,811 shares of the company’s stock after purchasing an additional 112,380 shares during the period. Algert Global LLC owned 0.12% of Shoals Technologies Group worth $1,138,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. 1620 Investment Advisors Inc. acquired a new position in shares of Shoals Technologies Group during the 2nd quarter worth about $54,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at about $64,000. TrinityPoint Wealth LLC acquired a new stake in Shoals Technologies Group in the 3rd quarter valued at about $60,000. American Trust acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at about $68,000. Finally, Versor Investments LP acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at about $80,000.

Insider Buying and Selling at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss purchased 22,300 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the transaction, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. This represents a 3.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.67% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have commented on SHLS shares. Barclays cut their price objective on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday, November 13th. Jefferies Financial Group started coverage on shares of Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a report on Friday, September 6th. Northland Securities dropped their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. Finally, Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Three 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $11.31.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $5.26 on Friday. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 52 week low of $4.07 and a 52 week high of $17.50. The stock has a market capitalization of $876.84 million, a PE ratio of 26.30, a P/E/G ratio of 0.73 and a beta of 1.73. The firm has a 50 day moving average of $5.29 and a two-hundred day moving average of $5.99.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 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 during the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the prior year, the business earned $0.16 EPS. The business’s quarterly revenue was down 23.8% on a year-over-year basis. On average, research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

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.