The Manufacturers Life Insurance Company Sells 2,424 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

The Manufacturers Life Insurance Company decreased its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 99,199 shares of the company’s stock after selling 2,424 shares during the period. The Manufacturers Life Insurance Company’s holdings in Shoals Technologies Group were worth $559,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its holdings in shares of Shoals Technologies Group by 104.1% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after purchasing an additional 69,193 shares during the period. Skandinaviska Enskilda Banken AB publ increased its position in Shoals Technologies Group by 146.9% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 157,000 shares of the company’s stock worth $980,000 after buying an additional 93,400 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Shoals Technologies Group by 34.2% in the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after buying an additional 690,344 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Shoals Technologies Group by 1,796.9% during the 2nd quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock valued at $2,988,000 after buying an additional 453,543 shares during the last quarter. Finally, Roubaix Capital LLC bought a new position in shares of Shoals Technologies Group during the 3rd quarter worth $2,156,000.

Analysts Set New Price Targets

SHLS has been the topic of a number of research reports. Bank of America began coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Piper Sandler dropped their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $11.00 target price on shares of Shoals Technologies Group in a report on Friday, September 6th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $11.31.

Shoals Technologies Group Price Performance

SHLS stock opened at $4.41 on Friday. The firm has a 50 day simple moving average of $5.06 and a two-hundred day simple moving average of $5.79. The stock has a market cap of $735.14 million, a PE ratio of 22.05, a P/E/G ratio of 0.66 and a beta of 1.69. Shoals Technologies Group, Inc. has a one year low of $4.07 and a one year high of $17.50. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last announced its 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 return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter last year, the firm posted $0.16 earnings per share. The firm’s revenue was down 23.8% on a year-over-year basis. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Activity

In other news, CEO Brandon Moss bought 22,300 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the purchase, the chief executive officer now directly owns 593,700 shares in the company, valued at $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In the last three months, insiders have sold 8,920 shares of company stock worth $45,863. 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.