New York State Common Retirement Fund Decreases Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

New York State Common Retirement Fund reduced its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) by 15.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 338,322 shares of the company’s stock after selling 63,583 shares during the period. New York State Common Retirement Fund owned about 0.20% of Shoals Technologies Group worth $8,221,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. National Bank of Canada FI purchased a new stake in shares of Shoals Technologies Group during the 4th quarter worth $29,000. Captrust Financial Advisors purchased a new stake in Shoals Technologies Group in the third quarter valued at $57,000. Rockefeller Capital Management L.P. lifted its position in Shoals Technologies Group by 550.7% in the third quarter. Rockefeller Capital Management L.P. now owns 2,245 shares of the company’s stock valued at $62,000 after acquiring an additional 1,900 shares during the last quarter. CastleArk Alternatives LLC purchased a new stake in Shoals Technologies Group in the third quarter valued at $66,000. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Shoals Technologies Group by 324.7% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 3,822 shares of the company’s stock valued at $107,000 after acquiring an additional 2,922 shares during the last quarter. 67.87% of the stock is owned by institutional investors and hedge funds.

SHLS stock opened at $10.39 on Friday. The firm has a 50 day moving average of $15.90 and a 200-day moving average of $21.98. Shoals Technologies Group, Inc. has a 12-month low of $10.17 and a 12-month high of $37.61.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last posted its quarterly earnings results on Thursday, March 10th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.04). Shoals Technologies Group had a net margin of 1.10% and a negative return on equity of 43.41%. The company had revenue of $48.00 million for the quarter, compared to analyst estimates of $46.50 million. During the same quarter in the previous year, the business posted $0.06 earnings per share. Shoals Technologies Group’s revenue was up 23.7% on a year-over-year basis. On average, analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

In other news, CFO Philip A. Garton sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 23rd. The shares were sold at an average price of $22.00, for a total transaction of $2,200,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.67% of the stock is currently owned by company insiders.

SHLS has been the subject of a number of research reports. Guggenheim raised shares of Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research report on Friday, March 11th. Piper Sandler lowered shares of Shoals Technologies Group from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $26.00 to $16.00 in a research note on Friday, April 8th. Colliers Securities restated a “neutral” rating on shares of Shoals Technologies Group in a research note on Wednesday, March 30th. Zacks Investment Research lowered shares of Shoals Technologies Group from a “hold” rating to a “sell” rating in a research note on Saturday, January 22nd. Finally, Truist Financial dropped their price objective on shares of Shoals Technologies Group from $34.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, January 24th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $29.55.

Shoals Technologies Group Company 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.

Further Reading

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

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