Nuveen Asset Management LLC lifted its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) by 1.3% during the third quarter, Holdings Channel reports. The fund owned 622,931 shares of the company’s stock after buying an additional 8,104 shares during the quarter. Nuveen Asset Management LLC’s holdings in Shoals Technologies Group were worth $13,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Canada Pension Plan Investment Board acquired a new stake in shares of Shoals Technologies Group in the third quarter worth $293,000. MetLife Investment Management LLC increased its stake in shares of Shoals Technologies Group by 1.3% in the third quarter. MetLife Investment Management LLC now owns 59,744 shares of the company’s stock worth $1,287,000 after acquiring an additional 751 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Shoals Technologies Group in the third quarter worth $473,000. Oppenheimer & Co. Inc. acquired a new stake in shares of Shoals Technologies Group in the third quarter worth $513,000. Finally, Credit Suisse AG boosted its holdings in Shoals Technologies Group by 6.5% during the third quarter. Credit Suisse AG now owns 128,789 shares of the company’s stock worth $2,776,000 after buying an additional 7,821 shares in the last quarter. Institutional investors and hedge funds own 81.94% of the company’s stock.
Insider Buying and Selling
In related news, CEO Jason R. Whitaker sold 13,020 shares of the firm’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $25.37, for a total transaction of $330,317.40. Following the completion of the sale, the chief executive officer now directly owns 563,567 shares in the company, valued at $14,297,694.79. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 13,020 shares of Shoals Technologies Group stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $25.37, for a total transaction of $330,317.40. Following the completion of the sale, the chief executive officer now directly owns 563,567 shares in the company, valued at $14,297,694.79. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Jason R. Whitaker sold 12,054 shares of Shoals Technologies Group stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $28.58, for a total transaction of $344,503.32. Following the sale, the chief executive officer now owns 543,180 shares of the company’s stock, valued at $15,524,084.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,194 shares of company stock worth $1,875,168. Insiders own 1.67% of the company’s stock.
Shoals Technologies Group Price Performance
Shoals Technologies Group stock opened at $26.55 on Wednesday. Shoals Technologies Group, Inc. has a 12-month low of $9.58 and a 12-month high of $32.43. The stock has a market cap of $4.44 billion, a P/E ratio of 31.99 and a beta of 2.17. The company has a 50-day moving average price of $25.90 and a 200-day moving average price of $24.85. The company has a current ratio of 2.92, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on SHLS shares. Truist Financial increased their price target on shares of Shoals Technologies Group from $30.00 to $32.00 and gave the stock a “buy” rating in a report on Monday, February 27th. Northland Securities downgraded shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $30.00 to $27.00 in a report on Wednesday, March 1st. Credit Suisse Group reissued an “outperform” rating and set a $29.00 price target on shares of Shoals Technologies Group in a report on Monday. Oppenheimer increased their price target on shares of Shoals Technologies Group to $41.00 in a report on Thursday, November 17th. Finally, TheStreet downgraded shares of Shoals Technologies Group from a “c-” rating to a “d+” rating in a report on Thursday, February 9th. One equity research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $31.03.
About Shoals Technologies Group
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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.
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