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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 21,860,000 shares, a drop of 14.0% from the March 31st total of 25,430,000 shares. Based on an average daily trading volume, of 3,990,000 shares, the days-to-cover ratio is presently 5.5 days. Currently, 13.3% of the company’s stock are short sold.

Institutional Trading of Shoals Technologies Group

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Assetmark Inc. grew its position in shares of Shoals Technologies Group by 92.7% during the 3rd quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock worth $29,000 after purchasing an additional 765 shares in the last quarter. ANTIPODES PARTNERS Ltd acquired a new stake in Shoals Technologies Group during the fourth quarter worth approximately $33,000. Exchange Traded Concepts LLC acquired a new stake in Shoals Technologies Group during the third quarter worth approximately $48,000. Headlands Technologies LLC increased its stake in Shoals Technologies Group by 101.4% during the 3rd quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after acquiring an additional 2,245 shares during the period. Finally, Trium Capital LLP acquired a new position in Shoals Technologies Group in the 3rd quarter valued at $93,000.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.45 on Wednesday. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 33.80 and a beta of 1.79. The stock’s 50 day moving average is $11.28 and its 200-day moving average is $13.53. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. Shoals Technologies Group has a 12 month low of $8.06 and a 12 month high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The firm had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Equities research analysts expect that Shoals Technologies Group will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SHLS shares. Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Royal Bank of Canada lowered their price target on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. The Goldman Sachs Group reduced their price objective on shares of Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Friday, March 1st. TD Cowen lowered their target price on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, February 29th. Finally, UBS Group dropped their target price on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and a consensus target price of $20.94.

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.