Granahan Investment Management LLC Takes Position in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Granahan Investment Management LLC acquired a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,965 shares of the company’s stock, valued at approximately $99,000.

Other institutional investors also recently modified their holdings of the company. Impax Asset Management Group plc increased its holdings in shares of Shoals Technologies Group by 126.3% in the 4th quarter. Impax Asset Management Group plc now owns 3,469,360 shares of the company’s stock worth $19,083,000 after buying an additional 1,935,983 shares during the last quarter. RWC Asset Management LLP purchased a new position in Shoals Technologies Group in the fourth quarter worth $1,891,000. Erste Asset Management GmbH increased its stake in Shoals Technologies Group by 3.7% in the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock valued at $20,269,000 after acquiring an additional 128,664 shares during the last quarter. Franklin Resources Inc. raised its position in Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock valued at $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Finally, Decade Renewable Partners LP bought a new stake in Shoals Technologies Group during the fourth quarter worth about $1,300,000.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total transaction of $66,619.00. Following the completion of the transaction, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This trade represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 40,575 shares of company stock worth $123,957 over the last ninety days. 1.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Jefferies Financial Group decreased their price objective on Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a report on Wednesday, March 12th. Royal Bank of Canada lowered their price objective on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Citigroup increased their target price on shares of Shoals Technologies Group from $4.50 to $5.50 and gave the company a “neutral” rating in a report on Wednesday. Barclays lowered their price target on shares of 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, UBS Group reduced their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Shoals Technologies Group presently has an average rating of “Moderate Buy” and a consensus price target of $8.77.

Shoals Technologies Group Trading Up 5.2 %

NASDAQ:SHLS opened at $5.07 on Friday. The company has a 50-day moving average price of $3.45 and a 200-day moving average price of $4.37. The stock has a market cap of $846.66 million, a price-to-earnings ratio of 25.35, a P/E/G ratio of 0.52 and a beta of 1.52. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $8.52.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $80.36 million during the quarter, compared to analysts’ expectations of $74.66 million. During the same quarter last year, the business earned $0.07 earnings per share. The business’s quarterly revenue was down 11.2% on a year-over-year basis. Equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

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.