Shoals Technologies Group, Inc. (NASDAQ:SHLS) Short Interest Update

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 25,532,200 shares, an increase of 21.1% from the May 31st total of 21,080,000 shares. Currently, 15.4% of the company’s shares are short sold. Based on an average daily volume of 5,667,700 shares, the short-interest ratio is presently 4.5 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after buying an additional 171,273 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after buying an additional 2,864,879 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock valued at $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Shoals Technologies Group by 2.7% during the 4th quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock valued at $139,502,000 after buying an additional 233,377 shares in the last quarter. Finally, Joho Capital LLC lifted its stake in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares in the last quarter.

Shoals Technologies Group Stock Down 2.1 %

SHLS stock traded down $0.13 during trading on Monday, reaching $6.11. The stock had a trading volume of 6,677,152 shares, compared to its average volume of 4,784,429. Shoals Technologies Group has a one year low of $6.01 and a one year high of $28.34. The company has a quick ratio of 1.87, a current ratio of 2.62 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $7.39 and its two-hundred day moving average is $11.22. The company has a market capitalization of $1.04 billion, a price-to-earnings ratio of 33.95 and a beta of 1.76.

Shoals Technologies Group (NASDAQ:SHLS) last released its earnings results on Tuesday, May 7th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $90.81 million for the quarter, compared to analysts’ expectations of $94.44 million. Shoals Technologies Group had a net margin of 6.42% and a return on equity of 13.95%. Equities research analysts forecast that Shoals Technologies Group will post 0.44 EPS for the current year.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of recent research reports. Mizuho cut their price target on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Northland Capmk lowered shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 8th. TD Cowen dropped their target price on shares of Shoals Technologies Group from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, May 8th. Roth Capital lowered shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Tuesday, May 7th. Finally, Northland Securities restated an “underperform” rating and issued a $6.00 target price (down previously from $12.00) on shares of Shoals Technologies Group in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $17.29.

About Shoals Technologies Group

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.