William Blair Investment Management LLC Sells 1,867,411 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

William Blair Investment Management LLC cut its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 96.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 68,406 shares of the company’s stock after selling 1,867,411 shares during the quarter. William Blair Investment Management LLC’s holdings in Shoals Technologies Group were worth $378,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GSA Capital Partners LLP bought a new stake in shares of Shoals Technologies Group during the 3rd quarter valued at $104,000. SCP Investment LP lifted its position in Shoals Technologies Group by 208.3% during the 3rd quarter. SCP Investment LP now owns 88,800 shares of the company’s stock valued at $498,000 after acquiring an additional 60,000 shares during the period. Intech Investment Management LLC purchased a new position in Shoals Technologies Group during the 3rd quarter valued at about $255,000. Algert Global LLC boosted its stake in Shoals Technologies Group by 124.3% during the third quarter. Algert Global LLC now owns 202,811 shares of the company’s stock worth $1,138,000 after acquiring an additional 112,380 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd grew its holdings in Shoals Technologies Group by 10.5% in the third quarter. Dynamic Technology Lab Private Ltd now owns 120,670 shares of the company’s stock worth $677,000 after purchasing an additional 11,441 shares during the period.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the sale, the chief executive officer now owns 1,051,303 shares of the company’s stock, valued at approximately $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 40,575 shares of company stock valued at $123,957. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group Trading Up 3.0 %

Shoals Technologies Group stock opened at $3.42 on Thursday. The business has a 50-day simple moving average of $4.14 and a two-hundred day simple moving average of $4.93. Shoals Technologies Group, Inc. has a 52-week low of $2.71 and a 52-week high of $12.98. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The company has a market cap of $571.12 million, a P/E ratio of 17.10, a P/E/G ratio of 0.52 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last announced its 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 business 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 business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share. Analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on SHLS shares. Royal Bank of Canada dropped their price target on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Guggenheim lowered their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 21st. Morgan Stanley raised 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. Bank of America assumed coverage on Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 price target for the company. Finally, Oppenheimer dropped their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.87.

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.