Short Interest in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Rises By 16.0%

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

Shoals Technologies Group Price Performance

SHLS traded down $0.66 on Friday, hitting $4.56. 6,640,935 shares of the company’s stock were exchanged, compared to its average volume of 5,150,108. The firm 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 $759.92 million, a price-to-earnings ratio of 22.80, a P/E/G ratio of 0.67 and a beta of 1.73. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a fifty-two week low of $4.53 and a fifty-two week high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings data 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). Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The business had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same period in the prior year, the company posted $0.16 EPS. The firm’s revenue was down 23.8% on a year-over-year basis. As a group, equities analysts anticipate that Shoals Technologies Group will post 0.28 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position 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 worth $184,825,000 after purchasing an additional 171,273 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares in the last quarter. Point72 Asset Management L.P. increased its position in shares of Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the period. Joho Capital LLC raised its stake in shares of Shoals Technologies Group by 111.6% in the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new position in Shoals Technologies Group during the 3rd quarter worth $20,191,000.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Oppenheimer cut their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group began coverage on shares of Shoals Technologies Group in a research note on Wednesday, September 4th. They set a “hold” rating and a $5.00 price target on the stock. Roth Capital downgraded Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. UBS Group decreased their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Roth Mkm lowered their price target on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.92.

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.