Wellington Management Co. LLP has recently announced that it has increased stake in Shoals Technologies Group Inc (NASDAQ:SHLS) by 37.97%. After grabbing 10.05 million shares, the institutional investor is now in possession of 2.76 million shares of the Technology Company. The new investment brought the stake of investor firm to 5.91% having worth around $139.13 million. Moreover, ClearBridge Investments LLC increased its share by 0.22 million to have a control over 8.74 million shares. And AllianceBernstein LP raised its holdings to 3434.0 shares by acquiring 6.17 million shares or 3.63% of the stake.
Shoals Technologies Group Inc (SHLS) concluded trading on 01/03/24 at a closing price of $14.68, with 4.14 million shares of worth about $60.82 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -39.61% during that period and on Wednesday the price saw a loss of about -3.23%. Currently the company’s common shares owned by public are about 169.94M shares, out of which, 163.92M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 41 times over the past 12 months. They bought 29,296,798 shares in 14 of the transactions. In 27 selling transactions, insiders dumped 53,823,329 shares.
Vanguard Explorer Fund, Vanguard Total Stock Market ETF, and BNP Paribas Funds – Energy Transi are the top 3 mutual funds which are holding stakes in Shoals Technologies Group Inc Vanguard Explorer Fund is currently holding 5.77 million shares of worth totaling $79.88 million. The company recently came buying 1.3 million shares which brought its stake up to 3.39% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 7451.0 shares, after which its hold over company’s outstanding shares expand to 3.14%, leaving 5.34 million shares with the mutual fund that have a worth of about $73.91 million. BNP Paribas Funds – Energy Transi, after buying 4.48 million shares, have now control over 2.64% of the stake in the company. It holds 0.61 million shares of worth $62.07 million.
Shoals Technologies Group Inc (NASDAQ: SHLS) started trading at $15.02, below -$0.15 from concluding price of the previous day. However, the stock later moved at a day high price of 15.02, or with a loss of -3.23%. Stock saw a price change of -8.02% in past 5 days and over the past one month there was a price change of -1.01%. Year-to-date (YTD), SHLS shares are showing a performance of -5.53% which decreased to -40.49% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $12.11 but also hit the highest price of $30.10 during that period. The average intraday trading volume for Shoals Technologies Group Inc shares is 3.84 million. The stock is currently trading -2.09% below its 20-day simple moving average (SMA20), while that difference is down -1.21% for SMA50 and it goes to -27.32% lower than SMA200.
Wellington Management Co. LLP acquired 10.05 million shares of Shoals Technologies Group Inc having value of about $139.13 million. Data submitted at the U.S SEC by Wellington Management Co. LLP revealed that the firm now holds 2.76 million shares in the company valued at close to $40583828.88, or have control over 37.97% stake in the company. Shoals Technologies Group Inc (NASDAQ: SHLS) currently have 169.94M outstanding shares and institutions hold larger chunk of about 112.12% of that. Holding of mutual funds in the company is about 6.41% while other institutional holders and individual stake holders have control over 77.89% and 36.80% of the stake respectively.
The stock has a current market capitalization of $2.49B and its 3Y-monthly beta is at 1.88. PE ratio of stock for trailing 12 months is 17.94, while it has posted earnings per share of $0.82 in the same period. Its PEG reads 0.49 and has Quick Ratio of 1.82 while making debt-to-equity ratio of 0.36. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for SHLS, volatility over the week remained 4.72% while standing at 5.49% over the month.
Analysts are in expectations that Shoals Technologies Group Inc (SHLS) stock would likely to be making an EPS of $0.17 in the current quarter, while forecast for next quarter EPS is $0.18 and it is $0.83 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.14 which is $0.2 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.15 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 78.77% while it is estimated to increase by 28.64% in next year. EPS is likely to shrink at an annualized rate of 36.80% for next 5-years, compared to annual growth of 66.11% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Mizuho on November 21, 2023 offering a Buy rating for the stock and assigned a target price of $18 to it.
