Wellington Management Group LLP Raises Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Wellington Management Group LLP increased its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 14.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 13,107,404 shares of the company’s stock after purchasing an additional 1,666,691 shares during the quarter. Wellington Management Group LLP owned approximately 0.08% of Shoals Technologies Group worth $73,533,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in SHLS. CWM LLC grew its position in Shoals Technologies Group by 1,240.8% in the second quarter. CWM LLC now owns 15,768 shares of the company’s stock worth $98,000 after acquiring an additional 14,592 shares during the period. SG Americas Securities LLC boosted its position in shares of Shoals Technologies Group by 169.4% during the second quarter. SG Americas Securities LLC now owns 36,993 shares of the company’s stock worth $231,000 after buying an additional 23,260 shares during the period. M&G Plc purchased a new position in shares of Shoals Technologies Group during the second quarter worth $7,021,000. Assenagon Asset Management S.A. boosted its position in shares of Shoals Technologies Group by 1,796.9% during the second quarter. Assenagon Asset Management S.A. now owns 478,784 shares of the company’s stock worth $2,988,000 after buying an additional 453,543 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Shoals Technologies Group by 113.9% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 40,674 shares of the company’s stock worth $254,000 after buying an additional 21,662 shares during the period.

Insider Buying and Selling

In other Shoals Technologies Group news, CEO Brandon Moss acquired 22,300 shares of the stock in a transaction on Thursday, November 21st. The shares were bought at an average price of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now owns 593,700 shares of the company’s stock, valued at $2,701,335. This trade represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 8,920 shares of company stock valued at $45,863 over the last quarter. 1.67% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SHLS. Truist Financial lowered their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Barclays lowered their price target on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 13th. JPMorgan Chase & Co. reduced their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Guggenheim reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. 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.com, the stock has a consensus rating of “Hold” and an average target price of $11.31.

Shoals Technologies Group Stock Performance

Shares of SHLS stock opened at $4.66 on Wednesday. The stock’s 50-day moving average is $5.10 and its two-hundred day moving average is $5.84. The firm has a market cap of $776.82 million, a price-to-earnings ratio of 23.30, a PEG ratio of 0.66 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the prior year, the business earned $0.16 EPS. The business’s quarterly revenue was down 23.8% compared to the same quarter last year. Analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

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.