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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the recipient of a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 19,390,000 shares, an increase of 16.0% from the October 15th total of 16,710,000 shares. Based on an average daily volume of 4,910,000 shares, the days-to-cover ratio is currently 3.9 days. Approximately 11.8% of the shares of the company are short sold.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SHLS shares. Northland Securities dropped their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Oppenheimer reduced their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Barclays dropped their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Finally, Jefferies Financial Group initiated coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $11.92.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC raised its holdings in shares of 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 acquiring an additional 1,906 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the 2nd quarter worth about $54,000. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group in the 3rd quarter valued at about $60,000. Mackenzie Financial Corp purchased a new position in Shoals Technologies Group in the 2nd quarter valued at about $64,000. Finally, American Trust purchased a new position in Shoals Technologies Group in the 2nd quarter valued at about $68,000.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.66 during midday trading on Friday, hitting $4.56. 6,640,935 shares of the stock were exchanged, compared to its average volume of 4,987,975. Shoals Technologies Group has a twelve month low of $4.53 and a twelve month high of $17.50. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The company has a 50 day moving average price of $5.54 and a 200-day moving average price of $6.19. The stock has a market cap of $759.91 million, a P/E ratio of 22.80, a PEG ratio of 0.73 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last announced 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). The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The business’s revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.16 EPS. On average, research analysts forecast that Shoals Technologies Group will post 0.28 earnings per share for the current 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.