Short Interest in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Drops By 22.2%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 16,720,000 shares, a decrease of 22.2% from the September 15th total of 21,490,000 shares. Approximately 10.4% of the company’s stock are short sold. Based on an average trading volume of 5,420,000 shares, the days-to-cover ratio is presently 3.1 days.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded down $0.11 during midday trading on Tuesday, reaching $5.12. The stock had a trading volume of 4,440,347 shares, compared to its average volume of 4,975,039. The stock has a market cap of $872.55 million, a P/E ratio of 28.22, a P/E/G ratio of 0.74 and a beta of 1.74. Shoals Technologies Group has a 12-month low of $4.85 and a 12-month high of $17.50. The firm has a fifty day simple moving average of $5.59 and a two-hundred day simple moving average of $6.86. 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 (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.02. The company had revenue of $99.25 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down 16.7% compared to the same quarter last year. During the same period last year, the business posted $0.12 earnings per share. On average, equities analysts expect that Shoals Technologies Group will post 0.29 EPS for the current year.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Shoals Technologies Group by 59.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 351,424 shares of the company’s stock valued at $3,929,000 after buying an additional 130,434 shares during the last quarter. M&G Plc acquired a new stake in shares of Shoals Technologies Group during the 2nd quarter valued at about $7,021,000. Goldman Sachs Group Inc. lifted its holdings in shares of Shoals Technologies Group by 16.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,215,815 shares of the company’s stock valued at $34,434,000 after buying an additional 309,261 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its position in Shoals Technologies Group by 104.1% during the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 135,629 shares of the company’s stock worth $846,000 after buying an additional 69,193 shares during the last quarter. Finally, Swedbank AB acquired a new position in Shoals Technologies Group during the first quarter worth $25,268,000.

Analyst Ratings Changes

A number of research firms recently commented on SHLS. Wells Fargo & Company assumed coverage on shares of Shoals Technologies Group in a research note on Monday. They issued an “equal weight” rating and a $46.00 target price for the company. Piper Sandler boosted their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Finally, Northland Securities cut their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $12.92.

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.