Bryce Point Capital LLC Invests $1.20 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Bryce Point Capital LLC purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the 4th quarter, Holdings Channel.com reports. The fund purchased 216,190 shares of the company’s stock, valued at approximately $1,196,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Shoals Technologies Group by 3.5% in the 4th quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after acquiring an additional 576,736 shares during the period. Wellington Management Group LLP increased its holdings in Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after purchasing an additional 1,125,938 shares in the last quarter. Point72 Asset Management L.P. raised its position in Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after purchasing an additional 5,622,207 shares during the period. Franklin Resources Inc. lifted its stake in shares of Shoals Technologies Group by 16.1% during the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Finally, Erste Asset Management GmbH boosted its position in shares of 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 worth $20,269,000 after buying an additional 128,664 shares during the period.

Insider Buying and Selling

In related news, CEO Brandon Moss sold 21,700 shares of the stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the sale, the chief executive officer now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders have sold 40,575 shares of company stock valued at $123,957. Insiders own 1.67% of the company’s stock.

Shoals Technologies Group Price Performance

SHLS stock opened at $3.26 on Thursday. The firm has a market cap of $544.40 million, a price-to-earnings ratio of 16.30, a PEG ratio of 0.52 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1-year low of $2.71 and a 1-year high of $11.24. The firm has a fifty day moving average price of $3.79 and a two-hundred day moving average price of $4.75. 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 announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $107.00 million for the quarter, compared to the consensus estimate of $102.16 million. During the same period in the prior year, the company earned $0.12 EPS. Shoals Technologies Group’s quarterly revenue was down 17.9% on a year-over-year basis. Research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SHLS shares. Wolfe Research assumed coverage on Shoals Technologies Group in a report on Tuesday, February 18th. They set a “peer perform” rating on the stock. The Goldman Sachs Group dropped their price objective on shares of 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. Royal Bank of Canada decreased their target price on shares of Shoals Technologies Group from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, February 26th. Piper Sandler dropped their price target 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. Finally, Oppenheimer decreased their price objective on shares of Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group has a consensus rating of “Hold” and a consensus price target of $8.87.

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.