MetLife Investment Management LLC Buys 751 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Posted by Defense World Staff on Mar 1st, 2023

MetLife Investment Management LLC boosted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 59,744 shares of the company’s stock after buying an additional 751 shares during the period. MetLife Investment Management LLC’s holdings in Shoals Technologies Group were worth $1,287,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Van ECK Associates Corp increased its holdings in Shoals Technologies Group by 8.1% during the third quarter. Van ECK Associates Corp now owns 107,143 shares of the company’s stock worth $2,309,000 after buying an additional 8,065 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Shoals Technologies Group by 165.0% during the second quarter. JPMorgan Chase & Co. now owns 2,877,260 shares of the company’s stock worth $47,416,000 after purchasing an additional 1,791,661 shares during the period. Los Angeles Capital Management LLC boosted its position in shares of Shoals Technologies Group by 4.6% in the second quarter. Los Angeles Capital Management LLC now owns 14,702 shares of the company’s stock valued at $242,000 after acquiring an additional 652 shares during the period. Franklin Resources Inc. boosted its position in shares of Shoals Technologies Group by 59.4% in the second quarter. Franklin Resources Inc. now owns 1,490,184 shares of the company’s stock valued at $24,558,000 after acquiring an additional 555,100 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Shoals Technologies Group by 11.6% in the second quarter. Janney Montgomery Scott LLC now owns 13,258 shares of the company’s stock valued at $227,000 after acquiring an additional 1,377 shares during the period. Institutional investors and hedge funds own 81.94% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. TheStreet downgraded shares of Shoals Technologies Group from a “c-” rating to a “d+” rating in a research note on Thursday, February 9th. Cantor Fitzgerald began coverage on shares of Shoals Technologies Group in a report on Wednesday, January 25th. They issued a “neutral” rating and a $30.00 price target on the stock. Morgan Stanley dropped their target price on shares of Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 10th. Truist Financial boosted their target price on shares of Shoals Technologies Group from $30.00 to $32.00 and gave the company a “buy” rating in a report on Monday. Finally, Oppenheimer upped their price target on shares of Shoals Technologies Group to $41.00 in a research note on Thursday, November 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $31.23.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS opened at $24.54 on Wednesday. The stock’s fifty day moving average is $25.84 and its 200 day moving average is $24.86. Shoals Technologies Group, Inc. has a fifty-two week low of $9.58 and a fifty-two week high of $32.43. The firm has a market capitalization of $4.11 billion, a PE ratio of 272.70 and a beta of 2.14. The company has a debt-to-equity ratio of 12.13, a quick ratio of 1.45 and a current ratio of 2.60.

Insider Activity at Shoals Technologies Group

In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 13,020 shares of the stock in a transaction on Tuesday, December 13th. The stock was sold at an average price of $25.37, for a total value of $330,317.40. Following the sale, the chief executive officer now owns 563,567 shares in the company, valued at $14,297,694.79. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 12,054 shares of the stock in a transaction on Tuesday, January 17th. The stock was sold at an average price of $28.58, for a total value of $344,503.32. Following the sale, the chief executive officer now owns 543,180 shares in the company, valued at $15,524,084.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jason R. Whitaker sold 13,020 shares of the firm’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $25.37, for a total value of $330,317.40. Following the transaction, the chief executive officer now owns 563,567 shares in the company, valued at approximately $14,297,694.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 631,854 shares of company stock worth $13,924,623. Company insiders own 1.67% of the company’s stock.

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.