SCP Investment LP Reduces Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

SCP Investment LP reduced its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 74.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,800 shares of the company’s stock after selling 66,000 shares during the period. SCP Investment LP’s holdings in Shoals Technologies Group were worth $126,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its holdings in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after buying an additional 1,906 shares during the last quarter. Empirical Asset Management LLC purchased a new stake in Shoals Technologies Group during the fourth quarter worth approximately $59,000. Cibc World Markets Corp acquired a new position in Shoals Technologies Group in the fourth quarter valued at approximately $87,000. Versor Investments LP purchased a new position in Shoals Technologies Group in the fourth quarter valued at approximately $91,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in Shoals Technologies Group during the fourth quarter worth approximately $110,000.

Shoals Technologies Group Trading Down 3.2 %

Shares of SHLS stock opened at $3.31 on Friday. The business’s fifty day moving average price is $3.86 and its 200 day moving average price is $4.81. The firm has a market capitalization of $552.75 million, a PE ratio of 16.55, a P/E/G ratio of 0.52 and a beta of 1.69. 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 1-year low of $2.71 and a 1-year high of $11.60.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 17.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Insider Transactions at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 40,575 shares of company stock valued at $123,957 in the last quarter. 0.36% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several research analyst reports. Wolfe Research began coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a “peer perform” rating on the stock. Roth Mkm cut their target price on 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. Royal Bank of Canada decreased their target price on Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research report on Wednesday, February 26th. Jefferies Financial Group cut their price target on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a research report on Wednesday, March 12th. Finally, The Goldman Sachs Group lowered 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 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, the company presently has a consensus rating of “Hold” and an average price target of $8.87.

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.