Wellington Management Group LLP Buys 1,666,691 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Wellington Management Group LLP lifted its stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 14.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,107,404 shares of the company’s stock after acquiring an additional 1,666,691 shares during the period. Wellington Management Group LLP owned 7.87% of Shoals Technologies Group worth $73,533,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. FMR LLC raised its position in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares in the last quarter. 1620 Investment Advisors Inc. purchased a new position in Shoals Technologies Group during the 2nd quarter worth $54,000. TrinityPoint Wealth LLC purchased a new position in Shoals Technologies Group during the 3rd quarter worth $60,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group during the 2nd quarter worth $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group during the 2nd quarter worth $68,000.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $4.66 on Wednesday. The stock has a market capitalization of $776.82 million, a price-to-earnings ratio of 23.30, a PEG ratio of 0.66 and a beta of 1.69. Shoals Technologies Group, Inc. has a twelve month low of $4.07 and a twelve month high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average of $5.10 and a 200 day moving average of $5.84.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. During the same period in the previous year, the company earned $0.16 EPS. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. Sell-side analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently weighed in on SHLS shares. Wells Fargo & Company started coverage on Shoals Technologies Group in a research note on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Jefferies Financial Group began coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price on the stock. Roth Mkm dropped their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. Morgan Stanley dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday, November 15th. Finally, Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their price target for the company from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $11.31.

Insider Buying and Selling at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction on Thursday, November 21st. The stock was acquired at an average price of $4.55 per share, with a total value of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 8,920 shares of company stock valued at $45,863 over the last quarter. 1.67% of the stock is currently owned by insiders.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.