Shoals Technologies Group, Inc. (NASDAQ:SHLS) Sees Significant Growth in Short Interest

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the recipient of a large increase in short interest in September. As of September 15th, there was short interest totalling 21,490,000 shares, an increase of 31.4% from the August 31st total of 16,350,000 shares. Currently, 13.3% of the shares of the stock are short sold. Based on an average daily trading volume, of 5,560,000 shares, the days-to-cover ratio is currently 3.9 days.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SHLS. ANTIPODES PARTNERS Ltd lifted its stake in shares of Shoals Technologies Group by 122.4% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company’s stock valued at $54,000 after acquiring an additional 2,638 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Shoals Technologies Group during the second quarter worth $54,000. Mackenzie Financial Corp bought a new stake in shares of Shoals Technologies Group during the second quarter worth about $64,000. American Trust purchased a new stake in shares of Shoals Technologies Group during the second quarter valued at approximately $68,000. Finally, Versor Investments LP bought a new stake in Shoals Technologies Group during the second quarter worth $80,000.

Shoals Technologies Group Trading Up 2.3 %

SHLS stock traded up $0.13 during trading on Friday, hitting $5.83. The company had a trading volume of 4,279,360 shares, compared to its average volume of 5,020,840. The stock has a market cap of $993.55 million, a price-to-earnings ratio of 32.39, a PEG ratio of 0.91 and a beta of 1.74. Shoals Technologies Group has a 12 month low of $4.88 and a 12 month high of $19.76. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $5.85 and a 200-day moving average price of $7.38.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping 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 was down 16.7% on a year-over-year basis. During the same period last year, the company earned $0.12 EPS. As a group, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler boosted their price target 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. Oppenheimer dropped their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. BNP Paribas lowered Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and issued a $12.00 price target on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Finally, Northland Securities cut their target price on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $11.06.

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.