Thrivent Financial for Lutherans Makes New Investment in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Thrivent Financial for Lutherans acquired a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 218,398 shares of the company’s stock, valued at approximately $1,207,000.

A number of other hedge funds have also recently bought and sold shares of SHLS. FMR LLC lifted its position in shares of Shoals Technologies Group by 48.9% during the third 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. Empirical Asset Management LLC bought a new position in shares of Shoals Technologies Group in the fourth quarter worth $59,000. Cibc World Markets Corp bought a new position in Shoals Technologies Group in the 4th quarter valued at about $87,000. Versor Investments LP acquired a new position in shares of Shoals Technologies Group during the fourth quarter valued at approximately $91,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in shares of Shoals Technologies Group in the fourth quarter valued at $110,000.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Mizuho reduced their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a report on Friday, January 24th. Wolfe Research initiated coverage on shares of Shoals Technologies Group in a report on Tuesday, February 18th. They set a “peer perform” rating for the company. Royal Bank of Canada reduced their price target on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, January 16th. Finally, The Goldman Sachs Group decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 26th. 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 stock. Based on data from MarketBeat, Shoals Technologies Group presently has a consensus rating of “Hold” and an average price target of $8.87.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 40,575 shares of company stock valued at $123,957 in the last three months. 1.67% of the stock is owned by corporate insiders.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock opened at $3.32 on Tuesday. Shoals Technologies Group, Inc. has a twelve month low of $2.71 and a twelve month high of $11.60. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. The firm has a market cap of $554.42 million, a P/E ratio of 16.60, a price-to-earnings-growth ratio of 0.52 and a beta of 1.69. The firm’s 50-day simple moving average is $3.84 and its 200-day simple moving average is $4.78.

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