Shoals Technologies Group, Inc. (NASDAQ:SHLS) Shares Sold by Hartline Investment Corp

Hartline Investment Corp lowered its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 9.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 13,323 shares of the company’s stock after selling 1,470 shares during the quarter. Hartline Investment Corp’s holdings in Shoals Technologies Group were worth $207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its position in shares of Shoals Technologies Group by 38.0% in the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after buying an additional 2,764,566 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of Shoals Technologies Group by 301.5% in the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after buying an additional 1,402,419 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Shoals Technologies Group by 24.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock valued at $333,000 after buying an additional 4,261 shares during the last quarter. Finally, Glenmede Trust Co. NA acquired a new position in shares of Shoals Technologies Group in the third quarter valued at approximately $206,000.

Shoals Technologies Group Stock Up 0.4 %

SHLS traded up $0.03 during trading on Wednesday, hitting $8.49. The company had a trading volume of 2,835,167 shares, compared to its average volume of 3,870,743. The company has a market cap of $1.45 billion, a PE ratio of 33.40 and a beta of 1.79. The business has a 50-day moving average of $12.06 and a 200-day moving average of $13.81. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. Shoals Technologies Group, Inc. has a 1-year low of $8.06 and a 1-year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The firm had revenue of $130.44 million during the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. As a group, analysts forecast that Shoals Technologies Group, Inc. will post 0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. TD Cowen dropped their price target on shares of Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. Janney Montgomery Scott assumed coverage on shares of Shoals Technologies Group in a research report on Friday, January 19th. They set a “buy” rating and a $20.00 price target for the company. UBS Group dropped their price target on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. JPMorgan Chase & Co. dropped their price target on shares of Shoals Technologies Group from $32.00 to $26.00 and set an “overweight” rating for the company in a research report on Thursday, February 29th. Finally, The Goldman Sachs Group dropped their price target on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.94.

About Shoals Technologies Group

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.