Encompass Capital Advisors LLC trimmed its holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) by 59.3% during the fourth quarter, Holdings Channel reports. The firm owned 4,823,369 shares of the company’s stock after selling 7,040,138 shares during the quarter. Shoals Technologies Group comprises about 1.7% of Encompass Capital Advisors LLC’s holdings, making the stock its 17th largest position. Encompass Capital Advisors LLC’s holdings in Shoals Technologies Group were worth $40,999,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Engineers Gate Manager LP acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $353,000. Castle Hook Partners LP acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $40,095,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $124,000. Boothbay Fund Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter valued at about $105,000. Finally, Ardsley Advisory Partners LP lifted its stake in shares of Shoals Technologies Group by 25.0% in the 4th quarter. Ardsley Advisory Partners LP now owns 25,000 shares of the company’s stock valued at $212,000 after purchasing an additional 5,000 shares during the period.
Insider Buying and Selling
In other news, CFO Dominic Bardos sold 54,449 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $8.48, for a total value of $461,727.52. Following the transaction, the chief financial officer owned 394,979 shares in the company, valued at $3,349,421.92. This trade represents a 12.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total value of $104,100.00. Following the completion of the transaction, the insider owned 98,918 shares in the company, valued at $1,029,736.38. This represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by company insiders.
Shoals Technologies Group Trading Down 5.2%
Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last posted 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 for the quarter, compared to analyst estimates of $129.16 million. The business’s quarterly revenue was up 74.4% compared to the same quarter last year. As a group, equities analysts expect that Shoals Technologies Group, Inc. will post 0.34 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
SHLS has been the topic of a number of recent analyst reports. BNP Paribas Exane raised Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price objective on the stock in a research note on Wednesday, February 25th. JPMorgan Chase & Co. boosted their price objective on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. UBS Group boosted their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Jefferies Financial Group decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, March 11th. Finally, Morgan Stanley decreased their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a report on Wednesday, February 25th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.71.
View Our Latest Research Report on SHLS
Shoals Technologies Group Profile
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.
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