Bank of New York Mellon Corp Has $3.09 Million Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bank of New York Mellon Corp boosted its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 6.2% during the fourth quarter, Holdings Channel reports. The fund owned 559,580 shares of the company’s stock after acquiring an additional 32,908 shares during the period. Bank of New York Mellon Corp’s holdings in Shoals Technologies Group were worth $3,094,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SHLS. Point72 Asset Management L.P. grew its holdings in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the last quarter. Erste Asset Management GmbH bought a new stake in Shoals Technologies Group during the 3rd quarter worth about $20,191,000. Verition Fund Management LLC grew its holdings in Shoals Technologies Group by 938.3% during the 3rd quarter. Verition Fund Management LLC now owns 2,251,093 shares of the company’s stock worth $12,629,000 after acquiring an additional 2,034,291 shares during the last quarter. Impax Asset Management Group plc grew its holdings in Shoals Technologies Group by 126.3% during the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after acquiring an additional 1,935,983 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Shoals Technologies Group by 14.6% during the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the last quarter.

Analyst Ratings Changes

SHLS has been the topic of a number of research analyst reports. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They set a “peer perform” rating on the stock. Morgan Stanley raised shares of 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 note on Tuesday, December 17th. Piper Sandler reduced their target price on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. The Goldman Sachs Group reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Finally, UBS Group reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $8.87.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were 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 owns 1,051,303 shares in the company, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last 90 days, insiders sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Trading Up 3.0 %

Shares of Shoals Technologies Group stock opened at $3.42 on Thursday. The company has a market capitalization of $571.12 million, a price-to-earnings ratio of 17.10, a PEG ratio of 0.52 and a beta of 1.69. 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 12-month low of $2.71 and a 12-month high of $12.98. The firm’s 50-day moving average price is $4.14 and its two-hundred day moving average price is $4.93.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Wednesday, February 26th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million during the quarter, compared to the consensus estimate of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 17.9% compared to the same quarter last year. During the same period last year, the company posted $0.12 EPS. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

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.