BlackRock Fund Advisors recently announced the acquisition of new stake in Shoals Technologies Group Inc. (NASDAQ:SHLS). The institutional investor has increased its shareholding in the Technology company by 20.51% to 11.91 million shares with purchase of 2.03 million shares. This fresh investment now brings its stake to 7.11% valued currently at $248.74 million. In addition, The Vanguard Group, Inc. raised its holdings by 2.57 million to 9.02 million shares. And ClearBridge Investments LLC has lifted its position by 17.02% or 1.09 million shares – to 7.48 million shares.
With over 2.61 million Shoals Technologies Group Inc. (SHLS) shares trading Friday and a closing price of $23.61 on the day, the dollar volume was approximately $61.53 million. The shares have shown a negative half year performance of -17.07% and its price on 05/19/23 gained nearly 0.51%. Currently, there are 146.41M common shares owned by the public and among those 80.68M shares have been available to trade.
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Insiders at the company have transacted a total of 54 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 51,093,875 shares. Insider sales of the common stock occurred on 40 occasions, with total insider shares sold totaling 103,883,630 shares.
The top 3 mutual fund holders in Shoals Technologies Group Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares II Plc – Global Clean Ene. Vanguard Total Stock Market ETF owns 5.19 million shares of the company’s stock, all valued at over $108.47 million. The company bought an additional 2.53 million shares recently to bring their total holdings to about 3.10% of the shares outstanding. Vanguard Small Cap Index Fund bought 2.12 million shares to see its total holdings expand to 4.38 million shares valued at over $91.57 million and representing 2.62% of the shares outstanding. iShares II Plc – Global Clean Ene now owns shares totaling to 2.53% of the shares outstanding.
Shares of Shoals Technologies Group Inc. (NASDAQ: SHLS) opened at $23.80, up $0.31 from a prior closing price of $23.49. However, the script later moved the day high at 24.80, up 0.51%. The company’s stock has a 5-day price change of -1.95% and -8.38% over the past three months. SHLS shares are trading -4.30% year to date (YTD), with the 12-month market performance up to 70.35% higher. It has a 12-month low price of $13.42 and touched a high of $32.43 over the same period. SHLS has an average intraday trading volume of 3.71 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.41%, 8.53%, and -1.68% respectively.
Institutional ownership of Shoals Technologies Group Inc. (NASDAQ: SHLS) shares accounts for 94.60% of the company’s 146.41M shares outstanding. Mutual fund holders own 6.44%, while other institutional holders and individual stakeholders account for 64.54% and 37.68% respectively.
It has a market capitalization of $3.99B. The stock’s trailing 12-month PE ratio is 43.32, while the earnings-per-share (ttm) stands at $0.55. The company has a PEG of 0.71 and a Quick Ratio of 1.70 with the debt-to-equity ratio at 0.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.96% over the week and 6.09% over the month.
Analysts forecast that Shoals Technologies Group Inc. (SHLS) will achieve an EPS of $0.13 for the current quarter, $0.16 for the next quarter and $0.94 for 2024. The lowest estimate earnings-per-share for the quarter is $0.1 while analysts give the company a high EPS estimate of $0.16. Comparatively, EPS for the current quarter was $0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 59.50%, and 58.11% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 17 brokerage firm advisors rate Shoals Technologies Group Inc. (SHLS) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 5 of the 17 advise that investors “hold,” and 1 rated it as a “Sell.”
