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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the target of a large increase in short interest in 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. Currently, 11.8% of the shares of the stock are short sold. Based on an average daily volume of 4,910,000 shares, the short-interest ratio is presently 3.9 days.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after buying an additional 1,906 shares during the last quarter. 1620 Investment Advisors Inc. bought a new position in Shoals Technologies Group in the 2nd quarter valued at about $54,000. TrinityPoint Wealth LLC acquired a new position in Shoals Technologies Group during the 3rd quarter valued at about $60,000. Mackenzie Financial Corp bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. Finally, American Trust bought a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $68,000.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target 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. Roth Capital downgraded shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Piper Sandler increased their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Wells Fargo & Company assumed coverage on Shoals Technologies Group in a report on Monday, October 14th. They set an “equal weight” rating and a $46.00 target price on the stock. Finally, TD Cowen raised their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Stock Down 12.6 %

Shares of SHLS stock traded down $0.66 on Friday, reaching $4.56. 6,640,935 shares of the company were exchanged, compared to its average volume of 4,987,975. Shoals Technologies Group has a one year low of $4.53 and a one year high of $17.50. The company has a market cap of $759.91 million, a price-to-earnings ratio of 22.80, a PEG ratio of 0.73 and a beta of 1.73. The company has a 50-day moving average of $5.54 and a 200-day moving average of $6.21. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). The firm had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. Analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current year.

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.