DnB Asset Management AS Has $4.77 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

DnB Asset Management AS raised its stake in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 26.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 862,748 shares of the company’s stock after purchasing an additional 180,419 shares during the quarter. DnB Asset Management AS owned 0.52% of Shoals Technologies Group worth $4,771,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. FMR LLC boosted its stake in Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $59,000. Cibc World Markets Corp acquired a new stake in shares of Shoals Technologies Group in the 4th quarter valued at $87,000. Versor Investments LP bought a new stake in shares of Shoals Technologies Group in the 4th quarter worth about $91,000. Finally, Stratos Wealth Partners LTD. acquired a new stake in shares of Shoals Technologies Group during the 4th quarter worth about $110,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ:SHLS opened at $3.31 on Monday. The firm’s 50 day simple moving average is $3.86 and its 200 day simple moving average is $4.80. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $11.60. The company has a market capitalization of $552.75 million, a price-to-earnings ratio of 16.55, a P/E/G ratio of 0.52 and a beta of 1.69. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same quarter last year, the business posted $0.12 earnings per share. The company’s revenue for the quarter was down 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other Shoals Technologies Group news, CEO Brandon Moss sold 21,700 shares of the firm’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at approximately $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on SHLS. Piper Sandler decreased their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Roth Mkm cut their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Oppenheimer reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 28th. Barclays lowered their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Finally, Morgan Stanley upgraded shares of Shoals Technologies Group from an “equal weight” rating to an “overweight” rating and set a $7.00 price target on the stock in a research report on Tuesday, December 17th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus target price of $8.87.

Shoals Technologies Group Company 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.