Oppenheimer & Co. Inc. Acquires New Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Oppenheimer & Co. Inc. purchased a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 23,795 shares of the company’s stock, valued at approximately $513,000.

Other hedge funds have also modified their holdings of the company. MetLife Investment Management LLC purchased a new stake in Shoals Technologies Group in the first quarter valued at about $36,000. Captrust Financial Advisors raised its position in Shoals Technologies Group by 89.8% during the first quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock valued at $54,000 after acquiring an additional 1,496 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in Shoals Technologies Group during the second quarter valued at approximately $55,000. Strs Ohio purchased a new position in Shoals Technologies Group during the third quarter valued at approximately $73,000. Finally, US Bancorp DE grew its holdings in Shoals Technologies Group by 700.2% in the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after purchasing an additional 5,644 shares during the period. 81.94% of the stock is owned by hedge funds and other institutional investors.

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Shoals Technologies Group Trading Down 2.9 %

NASDAQ:SHLS opened at $23.61 on Friday. The stock has a 50-day simple moving average of $25.87 and a 200-day simple moving average of $24.87. The stock has a market cap of $3.95 billion, a P/E ratio of 262.36 and a beta of 2.14. Shoals Technologies Group, Inc. has a 1 year low of $9.58 and a 1 year high of $32.43. The company has a debt-to-equity ratio of 12.13, a quick ratio of 1.45 and a current ratio of 2.60.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SHLS. TheStreet lowered Shoals Technologies Group from a “c-” rating to a “d+” rating in a research note on Thursday, February 9th. Oppenheimer lifted their price target on Shoals Technologies Group to $41.00 in a research note on Thursday, November 17th. Cantor Fitzgerald assumed coverage on Shoals Technologies Group in a research report on Wednesday, January 25th. They set a “neutral” rating and a $30.00 price objective on the stock. Credit Suisse Group lifted their price objective on Shoals Technologies Group from $26.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 17th. Finally, Piper Sandler lifted their price objective on Shoals Technologies Group from $28.00 to $30.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $31.10.

Insider Activity at Shoals Technologies Group

In related news, major shareholder Dean Solon sold 564,668 shares of the company’s stock in a transaction dated Tuesday, December 6th. The stock was sold at an average price of $21.47, for a total value of $12,123,421.96. Following the completion of the sale, the insider now directly owns 62,500 shares of the company’s stock, valued at approximately $1,341,875. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 12,054 shares of the company’s stock in a transaction that occurred on Tuesday, January 17th. The stock was sold at an average price of $28.58, for a total transaction of $344,503.32. Following the completion of the sale, the chief executive officer now directly owns 543,180 shares of the company’s stock, valued at approximately $15,524,084.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Dean Solon sold 564,668 shares of the company’s stock in a transaction that occurred on Tuesday, December 6th. The shares were sold at an average price of $21.47, for a total value of $12,123,421.96. Following the sale, the insider now directly owns 62,500 shares of the company’s stock, valued at $1,341,875. The disclosure for this sale can be found here. Insiders sold a total of 631,854 shares of company stock valued at $13,924,623 in the last three months. 1.67% of the stock is currently owned by company insiders.

About Shoals Technologies Group

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Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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