Shoals Technologies Group, Inc. (NASDAQ:SHLS) Sees Large Decrease in Short Interest

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw a large decline in short interest in September. As of September 30th, there was short interest totalling 16,720,000 shares, a decline of 22.2% from the September 15th total of 21,490,000 shares. Based on an average daily trading volume, of 5,420,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 10.4% of the shares of the stock are short sold.

Institutional Investors Weigh In On Shoals Technologies Group

Several institutional investors have recently modified their holdings of the business. ANTIPODES PARTNERS Ltd lifted its holdings in Shoals Technologies Group by 122.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after buying an additional 2,638 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at $54,000. Mackenzie Financial Corp acquired a new position in shares of Shoals Technologies Group in the 2nd quarter valued at $64,000. American Trust bought a new position in shares of Shoals Technologies Group in the 2nd quarter worth $68,000. Finally, Versor Investments LP acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $80,000.

Shoals Technologies Group Price Performance

SHLS traded down $0.11 during trading on Tuesday, hitting $5.12. The company’s stock had a trading volume of 4,443,854 shares, compared to its average volume of 4,975,050. The firm’s 50 day moving average price is $5.59 and its two-hundred day moving average price is $6.86. The stock has a market capitalization of $872.55 million, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. Shoals Technologies Group has a 12 month low of $4.85 and a 12 month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.02. The business had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.12 earnings per share. Sell-side analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SHLS. Roth Mkm decreased their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $5.50 in a report on Thursday, October 3rd. Roth Capital cut shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Finally, Piper Sandler boosted their target price on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $12.92.

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.