Los Angeles Capital Management LLC Sells 3,990 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Posted by Defense World Staff on May 3rd, 2023

Los Angeles Capital Management LLC lessened its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 8.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,101 shares of the company’s stock after selling 3,990 shares during the period. Los Angeles Capital Management LLC’s holdings in Shoals Technologies Group were worth $1,039,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in SHLS. MetLife Investment Management LLC bought a new position in Shoals Technologies Group during the 1st quarter worth $36,000. Toroso Investments LLC bought a new position in Shoals Technologies Group during the 3rd quarter worth $44,000. Captrust Financial Advisors increased its stake in Shoals Technologies Group by 89.8% during the 1st quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock worth $54,000 after acquiring an additional 1,496 shares during the period. Strs Ohio bought a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $73,000. Finally, US Bancorp DE increased its stake in shares of Shoals Technologies Group by 700.2% in the 1st 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 last quarter. Institutional investors own 81.94% of the company’s stock.

Shoals Technologies Group Stock Down 10.1 %

Shares of SHLS opened at $18.25 on Wednesday. The company has a market capitalization of $3.09 billion, a PE ratio of 21.99 and a beta of 2.11. Shoals Technologies Group, Inc. has a 12 month low of $9.72 and a 12 month high of $32.43. The stock’s 50-day moving average price is $22.35 and its two-hundred day moving average price is $24.28. The company has a current ratio of 2.92, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last announced its quarterly earnings data on Tuesday, February 28th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. The company had revenue of $94.65 million for the quarter, compared to the consensus estimate of $86.29 million. Shoals Technologies Group had a return on equity of 59.78% and a net margin of 39.03%. On average, analysts anticipate that Shoals Technologies Group, Inc. will post 0.51 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their price target for the company from $20.00 to $22.00 in a research note on Thursday, March 30th. Northland Securities lowered Shoals Technologies Group from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $30.00 to $27.00 in a research note on Wednesday, March 1st. Truist Financial lifted their price target on Shoals Technologies Group from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, February 27th. Morgan Stanley decreased their price target on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating on the stock in a research note on Monday, April 3rd. Finally, Cowen decreased their price target on Shoals Technologies Group from $37.50 to $35.00 and set an “outperform” rating on the stock in a research note on Friday, January 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $30.47.

Insider Activity

In other news, CEO Jason R. Whitaker sold 12,039 shares of the business’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $25.07, for a total value of $301,817.73. Following the transaction, the chief executive officer now directly owns 464,972 shares of the company’s stock, valued at approximately $11,656,848.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Jason R. Whitaker sold 12,039 shares of the business’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $25.07, for a total value of $301,817.73. Following the completion of the sale, the chief executive officer now directly owns 464,972 shares of the company’s stock, valued at approximately $11,656,848.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Mehgan Peetz sold 3,954 shares of the business’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $21.09, for a total value of $83,389.86. Following the completion of the sale, the general counsel now directly owns 90,654 shares of the company’s stock, valued at $1,911,892.86. The disclosure for this sale can be found here. Insiders have sold 24,713,191 shares of company stock valued at $598,715,177 in the last ninety days. 1.67% of the stock is owned by company insiders.

Shoals Technologies Group Profile

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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.