TD Asset Management Inc Cuts Stock Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Posted by on May 5th, 2023

TD Asset Management Inc lowered its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 7.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 412,910 shares of the company’s stock after selling 33,800 shares during the period. TD Asset Management Inc owned about 0.25% of Shoals Technologies Group worth $10,186,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MetLife Investment Management LLC purchased a new position in Shoals Technologies Group in the first quarter worth $36,000. Toroso Investments LLC purchased a new position in Shoals Technologies Group in the third quarter worth $44,000. Captrust Financial Advisors lifted its position in shares of Shoals Technologies Group by 89.8% during the 1st quarter. Captrust Financial Advisors now owns 3,162 shares of the company’s stock valued at $54,000 after buying an additional 1,496 shares during the last quarter. Strs Ohio purchased a new position in shares of Shoals Technologies Group during the 3rd quarter valued at $73,000. Finally, US Bancorp DE lifted its position in shares of Shoals Technologies Group by 700.2% during the 1st quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after buying an additional 5,644 shares during the last quarter. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Wall Street Analysts Forecast Growth

SHLS has been the topic of a number of recent research reports. Barclays cut Shoals Technologies Group from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $27.00 to $19.00 in a research report on Tuesday. Citigroup initiated coverage on Shoals Technologies Group in a research note on Thursday, March 9th. They set a “buy” rating and a $34.00 price objective on the stock. Morgan Stanley decreased their price objective 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. Cowen decreased their price objective 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. Finally, The Goldman Sachs Group upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $20.00 to $22.00 in a research note on Thursday, March 30th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $30.47.

Insider Activity

In other news, CEO Jason R. Whitaker sold 12,039 shares of the stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $25.07, for a total transaction of $301,817.73. Following the transaction, the chief executive officer now directly owns 464,972 shares in the company, valued at approximately $11,656,848.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Jason R. Whitaker sold 12,039 shares of the stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $25.07, for a total transaction of $301,817.73. Following the transaction, the chief executive officer now directly owns 464,972 shares in the company, valued at approximately $11,656,848.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason R. Whitaker sold 6,009 shares of the stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $24.43, for a total value of $146,799.87. Following the transaction, the chief executive officer now owns 477,011 shares in the company, valued at $11,653,378.73. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,713,191 shares of company stock worth $598,715,177. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $18.12 on Friday. The company has a quick ratio of 1.53, a current ratio of 2.92 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.07 billion, a P/E ratio of 21.83 and a beta of 2.10. The stock’s 50-day simple moving average is $22.12 and its two-hundred day simple moving average is $24.20. Shoals Technologies Group, Inc. has a twelve month low of $9.72 and a twelve month high of $32.43.

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

Shoals Technologies Group Profile

(Get Rating)

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.

Featured Articles

Institutional Ownership by Quarter for Shoals Technologies Group (NASDAQ:SHLS)

Receive News & Ratings for Shoals Technologies Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shoals Technologies Group and related companies with MarketBeat.com's FREE daily email newsletter.