Norges Bank Invests $12.47 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Norges Bank bought a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) in the fourth quarter, Holdings Channel reports. The institutional investor bought 2,255,335 shares of the company’s stock, valued at approximately $12,472,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC raised its stake in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. Janus Henderson Group PLC raised its position in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock worth $1,653,000 after purchasing an additional 6,503 shares in the last quarter. Wellington Management Group LLP raised its position in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after purchasing an additional 1,666,691 shares in the last quarter. XTX Topco Ltd lifted its stake in Shoals Technologies Group by 346.6% during the third quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after purchasing an additional 104,850 shares during the period. Finally, Y Intercept Hong Kong Ltd boosted its holdings in Shoals Technologies Group by 33.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock valued at $826,000 after purchasing an additional 37,008 shares in the last quarter.

Shoals Technologies Group Trading Up 7.6 %

Shares of NASDAQ SHLS opened at $3.38 on Tuesday. The company’s 50 day simple moving average is $3.70 and its 200 day simple moving average is $4.67. 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, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $10.79. The firm has a market capitalization of $564.44 million, a P/E ratio of 16.90, a P/E/G ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 earnings per share. On average, analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Piper Sandler dropped their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Jefferies Financial Group reduced their target price on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a research note on Wednesday, March 12th. Oppenheimer dropped their target price on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Finally, Roth Mkm reduced their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Three equities 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 stock. Based on data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $8.87.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group 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 transaction, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 40,575 shares of company stock worth $123,957. 1.67% of the stock is currently owned by company 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.