SG Americas Securities LLC Sells 4,804 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Posted by on May 10th, 2023

SG Americas Securities LLC cut its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 32.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,221 shares of the company’s stock after selling 4,804 shares during the quarter. SG Americas Securities LLC’s holdings in Shoals Technologies Group were worth $252,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SHLS. MetLife Investment Management LLC bought a new position in shares of Shoals Technologies Group in the first quarter valued at $36,000. Toroso Investments LLC bought a new position in Shoals Technologies Group during the third quarter worth $44,000. Captrust Financial Advisors boosted 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 worth $54,000 after purchasing an additional 1,496 shares during the period. Strs Ohio bought a new position in Shoals Technologies Group during the third quarter worth $73,000. Finally, US Bancorp DE boosted its position in Shoals Technologies Group by 700.2% during the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock worth $110,000 after purchasing an additional 5,644 shares during the period. 81.94% of the stock is owned by institutional investors.

Insider Transactions at Shoals Technologies Group

In other news, General Counsel Mehgan Peetz sold 3,954 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $21.09, for a total transaction of $83,389.86. Following the sale, the general counsel now directly owns 90,654 shares in the company, valued at $1,911,892.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, General Counsel Mehgan Peetz sold 3,954 shares of the business’s stock in a transaction dated Tuesday, March 14th. The stock was sold at an average price of $21.09, for a total transaction of $83,389.86. Following the sale, the general counsel now directly owns 90,654 shares in the company, valued at $1,911,892.86. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Jeffery Tolnar sold 1,415 shares of the business’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $22.79, for a total value of $32,247.85. Following the sale, the president now owns 64,629 shares in the company, valued at $1,472,894.91. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,713,191 shares of company stock worth $598,715,177. Insiders own 0.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SHLS. TheStreet cut shares of Shoals Technologies Group from a “c-” rating to a “d+” rating in a research report on Thursday, February 9th. Credit Suisse Group reissued an “outperform” rating and issued a $29.00 target price on shares of Shoals Technologies Group in a research report on Monday, March 6th. Barclays cut shares of Shoals Technologies Group from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $27.00 to $19.00 in a research report on Tuesday, May 2nd. Cowen reduced their target price on shares of Shoals Technologies Group from $37.50 to $35.00 and set an “outperform” rating for the company in a research report on Friday, January 20th. Finally, Northland Securities raised shares of Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus price target of $31.34.

Shoals Technologies Group Stock Up 22.3 %

Shares of NASDAQ SHLS opened at $24.11 on Wednesday. The company has a current ratio of 2.92, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79. The company has a market cap of $4.09 billion, a price-to-earnings ratio of 29.05 and a beta of 2.10. Shoals Technologies Group, Inc. has a 12 month low of $9.72 and a 12 month high of $32.43. The stock has a 50-day moving average price of $21.93 and a two-hundred day moving average price of $24.26.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its earnings results on Tuesday, February 28th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.07 by $0.06. The firm had revenue of $94.65 million during 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%. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.47 earnings per share for the current fiscal year.

Shoals Technologies Group Company 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.

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

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