Franklin Resources Inc. Acquires 658,617 Shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Franklin Resources Inc. lifted its holdings in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 16.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,748,673 shares of the company’s stock after acquiring an additional 658,617 shares during the quarter. Franklin Resources Inc.’s holdings in Shoals Technologies Group were worth $24,836,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Barclays PLC lifted its holdings in Shoals Technologies Group by 25.9% during the 3rd quarter. Barclays PLC now owns 291,242 shares of the company’s stock valued at $1,634,000 after purchasing an additional 59,856 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its stake in shares of Shoals Technologies Group by 33.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 147,187 shares of the company’s stock worth $826,000 after buying an additional 37,008 shares during the last quarter. XTX Topco Ltd boosted its holdings in shares of Shoals Technologies Group by 346.6% during the 3rd quarter. XTX Topco Ltd now owns 135,104 shares of the company’s stock worth $758,000 after buying an additional 104,850 shares during the period. Yaupon Capital Management LP acquired a new position in Shoals Technologies Group in the 3rd quarter valued at about $8,585,000. Finally, Wellington Management Group LLP raised its holdings in Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after acquiring an additional 1,666,691 shares during the period.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $4.54 on Friday. The business has a 50 day moving average of $5.01 and a 200-day moving average of $5.70. The company has a market capitalization of $756.81 million, a P/E ratio of 22.70, a P/E/G ratio of 0.64 and a beta of 1.69. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. 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 results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The business had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue was down 23.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.16 earnings per share. On average, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current year.

Insider Activity at Shoals Technologies Group

In related news, CEO Brandon Moss bought 22,300 shares of Shoals Technologies Group stock in a transaction that occurred on Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, for a total transaction of $101,465.00. Following the completion of the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 6,460 shares of company stock worth $30,271 over the last three months. Company insiders own 0.36% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Bank of America began coverage on Shoals Technologies Group in a research report on Monday, November 25th. They issued a “buy” rating and a $6.00 target price on the stock. Barclays lowered their price objective on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 13th. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company initiated coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and an average price target of $10.64.

Shoals Technologies Group 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.