Shoals Technologies Group is a company that produces electrical balance of system (EBOS) solutions for solar energy projects in the US. Recently, the CEO sold a total of 3,008 shares of the company’s stock, while insiders have sold 24,747,894 shares of the company’s stock worth $599,705,195 over the last 90 days. Furthermore, large institutional investors and hedge funds hold 81.94% of the company’s outstanding shares. The top five keywords relevant to the article’s content and SEO are Shoals Technologies Group, SHLS, stock, shareholders, and institutional investors. Interested parties can sign up to receive news and ratings from MarketBeat.com’s free daily email newsletter.
Shoals Technologies Group PT Lowered to $27.00 by Barclays
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) recently had its price target reduced by Barclays, with equities researchers lowering it from $30.00 to $27.00. The Fly reported this on Friday.
While this report seems a bit concerning, it’s important to note that Shoals Technologies Group has received mixed reviews from various research firms. TheStreet lowered their rating from “c-” to “d+” in a note published on February 9th, and Cantor Fitzgerald provided a “neutral” rating along with a $30.00 price objective on January 25th. In contrast, JPMorgan Chase & Co. lifted their price objective to $36.00 from $35.00 in a note released on December 8th. Credit Suisse Group reaffirmed an “outperform” rating with a $29.00 price objective on March 6th. Oppenheimer also lifted their price objective on shares of Shoals Technologies Group to $41.00 in a note released on November 17th.
MarketBeat reported that one analyst rated the stock as “sell,” seven rated it as “hold,” and six rated it as “buy.” The average rating for Shoals Technologies Group is “hold,” and the average target price is $31.03.
On Friday, shares of NASDAQ:SHLS opened at $20.11. The company has a fifty-day moving average of $25.48 and a two-hundred-day moving average of $24.63. Shoals Technologies Group has a market capitalization of $3.41 billion, a P/E ratio of 24.23, and a beta of 2.17. The company’s 12-month low is $9.58, while its 12-month high is $32.43. Additionally, the company has a quick ratio of 1.53, a current ratio of 2.92, and a debt-to-equity ratio of 0.79.
Insiders Place Their Bets
Shoals Technologies Group CEO Sells Company Stock
Shoals Technologies Group CEO Jason R. Whitaker sold a total of 3,008 shares of the company’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $24.59, resulting in a total transaction of $73,966.72. Following this transaction, Whitaker now owns 461,964 shares in the company, valued at $11,359,694.76. The SEC website provides access to the document filed with the Securities & Exchange Commission that discloses the sale.
This isn’t the first time Whitaker has sold company stock recently. On Tuesday, January 24th, he sold 12,032 shares at an average price of $28.66, for a total transaction of $344,837.12. Following this sale, he now owns 519,116 shares in the company, valued at $14,877,864.56. Details of this sale can also be found on the SEC website.
Over the last ninety days, insiders have sold 24,747,894 shares of Shoals Technologies Group stock, worth $599,705,195. This represents 1.67% of the company’s outstanding shares.
Institutional Investors and Hedge Funds Hold Majority of Shoals Technologies Group Shares
Shoals Technologies Group, Inc. provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. The company produces EBOS components, including cable assemblies, combiners, junction boxes, and more.
Large investors have recently bought and sold shares of the company, with 81.94% of the stock currently owned by institutional investors and hedge funds. Van ECK Associates Corp lifted its holdings in Shoals Technologies Group by 8.1% in the third quarter, while JPMorgan Chase & Co. raised its holdings in the company by 165.0% in the second quarter. Penserra Capital Management LLC acquired a new stake in Shoals Technologies Group in the third quarter, and Franklin Resources Inc. raised its holdings in the company by 59.4% in the second quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in the company by 5.5% in the second quarter.
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