Comerica Bank Sells 49,114 Shares of Shoals Technologies Group, Inc. $SHLS

Comerica Bank lowered its position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 81.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,203 shares of the company’s stock after selling 49,114 shares during the period. Comerica Bank’s holdings in Shoals Technologies Group were worth $95,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Shoals Technologies Group by 3.1% during the fourth quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock worth $115,550,000 after purchasing an additional 404,133 shares during the last quarter. Peconic Partners LLC lifted its stake in Shoals Technologies Group by 79.8% during the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after purchasing an additional 3,095,186 shares during the last quarter. UBS Group AG lifted its stake in Shoals Technologies Group by 87.6% during the fourth quarter. UBS Group AG now owns 6,140,543 shares of the company’s stock worth $52,195,000 after purchasing an additional 2,867,959 shares during the last quarter. Invesco Ltd. lifted its stake in Shoals Technologies Group by 13.1% during the third quarter. Invesco Ltd. now owns 5,553,821 shares of the company’s stock worth $41,154,000 after purchasing an additional 644,379 shares during the last quarter. Finally, Erste Asset Management GmbH lifted its stake in Shoals Technologies Group by 44.1% during the third quarter. Erste Asset Management GmbH now owns 4,516,372 shares of the company’s stock worth $33,873,000 after purchasing an additional 1,382,999 shares during the last quarter.

Analyst Ratings Changes

Several equities research analysts have issued reports on SHLS shares. Jefferies Financial Group dropped their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, March 11th. Royal Bank Of Canada dropped their price target on Shoals Technologies Group from $10.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday, February 25th. Wall Street Zen lowered Shoals Technologies Group from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Morgan Stanley lowered their target price on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research note on Wednesday, February 25th. Finally, Weiss Ratings lowered Shoals Technologies Group from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.64.

Shoals Technologies Group Trading Up 11.3%

NASDAQ SHLS opened at $10.33 on Friday. Shoals Technologies Group, Inc. has a 1-year low of $3.81 and a 1-year high of $11.36. The company has a current ratio of 1.84, a quick ratio of 1.07 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average of $7.12 and a 200-day moving average of $8.30. The firm has a market cap of $1.73 billion, a PE ratio of 51.65, a price-to-earnings-growth ratio of 1.26 and a beta of 1.74.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a return on equity of 10.03% and a net margin of 6.27%.The company had revenue of $140.56 million during the quarter, compared to analyst estimates of $129.16 million. The company’s revenue for the quarter was up 74.4% on a year-over-year basis. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling at Shoals Technologies Group

In other news, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the completion of the sale, the chief financial officer owned 394,979 shares of the company’s stock, valued at approximately $3,349,421.92. The trade was a 12.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.81% of the company’s stock.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.