Empirical Asset Management LLC Takes $59,000 Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Empirical Asset Management LLC acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 10,620 shares of the company’s stock, valued at approximately $59,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC raised its holdings in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the last quarter. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group in the third quarter valued at $60,000. Mackenzie Financial Corp acquired a new position in Shoals Technologies Group in the second quarter valued at $64,000. American Trust acquired a new stake in Shoals Technologies Group during the 2nd quarter worth about $68,000. Finally, GSA Capital Partners LLP bought a new position in shares of Shoals Technologies Group in the 3rd quarter worth about $104,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Morgan Stanley upgraded Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 target price on the stock in a research report on Tuesday, December 17th. Bank of America initiated coverage on Shoals Technologies Group in a report on Monday, November 25th. They set a “buy” rating and a $6.00 price target on the stock. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research note on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Barclays cut their target price on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, Truist Financial decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $10.08.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $4.63 on Monday. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a market cap of $771.82 million, a PE ratio of 23.15, a price-to-earnings-growth ratio of 0.67 and a beta of 1.64. The stock’s fifty day simple moving average is $5.10 and its two-hundred day simple moving average is $5.52. Shoals Technologies Group, Inc. has a 1-year low of $4.07 and a 1-year high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $102.20 million for the quarter, compared to the consensus estimate of $98.86 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss bought 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was purchased at an average cost 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 in the company, valued at $2,701,335. This trade represents a 3.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 6,460 shares of company stock worth $30,271 in the last 90 days. Insiders own 0.36% of the company’s stock.

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.