Franklin Resources Inc. Has $24.84 Million Stock Holdings in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Franklin Resources Inc. grew its position in Shoals Technologies Group, Inc. (NASDAQ:SHLS) by 16.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 4,748,673 shares of the company’s stock after buying an additional 658,617 shares during the period. Franklin Resources Inc. owned 2.85% of Shoals Technologies Group worth $24,836,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SHLS. FMR LLC increased its position in Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. Van ECK Associates Corp grew its position in shares of Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock worth $739,000 after buying an additional 2,517 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after buying an additional 3,699 shares during the period. Point72 DIFC Ltd raised its stake in shares of Shoals Technologies Group by 12.8% during the second quarter. Point72 DIFC Ltd now owns 54,650 shares of the company’s stock worth $341,000 after buying an additional 6,206 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Shoals Technologies Group by 2.3% in the third quarter. Janus Henderson Group PLC now owns 294,598 shares of the company’s stock valued at $1,653,000 after buying an additional 6,503 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Guggenheim dropped their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 21st. Roth Mkm cut their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Friday, September 6th. JPMorgan Chase & Co. reduced their target price on Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Bank of America assumed coverage on Shoals Technologies Group in a research note on Monday, November 25th. They issued a “buy” rating and a $6.00 price target for the company. Finally, The Goldman Sachs Group reduced their price objective on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Tuesday. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shoals Technologies Group presently has a consensus rating of “Hold” and an average target price of $10.64.

Insider Transactions at Shoals Technologies Group

In other news, CEO Brandon Moss bought 22,300 shares of the 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 owns 593,700 shares in the company, valued at approximately $2,701,335. This represents a 3.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 6,460 shares of company stock worth $30,271 in the last 90 days. Corporate insiders own 0.36% of the company’s stock.

Shoals Technologies Group Stock Down 2.6 %

Shares of SHLS stock opened at $4.54 on Friday. The firm’s fifty day moving average price is $5.01 and its two-hundred day moving average price is $5.70. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. Shoals Technologies Group, Inc. has a 1 year low of $4.07 and a 1 year high of $17.50. The firm has a market capitalization of $756.81 million, a P/E ratio of 22.70, a PEG ratio of 0.64 and a beta of 1.69.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. During the same period in the prior year, the firm posted $0.16 EPS. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. On average, equities analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current fiscal year.

Shoals Technologies Group Company 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.