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

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

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently modified their holdings of SHLS. ANTIPODES PARTNERS Ltd boosted its holdings 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 purchasing an additional 2,638 shares during the last quarter. Headlands Technologies LLC acquired a new position in Shoals Technologies Group in the first quarter valued at $92,000. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the second quarter valued at about $54,000. Mackenzie Financial Corp acquired a new stake in Shoals Technologies Group during the 2nd quarter worth approximately $64,000. Finally, Paloma Partners Management Co purchased a new position in Shoals Technologies Group in the first quarter valued at approximately $115,000.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.11 during midday trading on Tuesday, hitting $5.12. 4,443,854 shares of the stock were exchanged, compared to its average volume of 4,975,050. The stock has a market cap of $872.55 million, a P/E ratio of 28.22, a PEG ratio of 0.74 and a beta of 1.74. Shoals Technologies Group has a twelve month low of $4.85 and a twelve month high of $17.50. The company has a 50 day moving average price of $5.59 and a 200-day moving average price of $6.86. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. Shoals Technologies Group’s revenue was down 16.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.12 earnings per share. On average, research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. UBS Group reduced their price target on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Citigroup upgraded Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their target price for the company from $5.00 to $5.50 in a research report on Thursday, October 3rd. BNP Paribas cut Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $7.00 in a research report on Wednesday, August 7th. Truist Financial decreased their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Friday, September 6th. Finally, Roth Mkm reduced their target price on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, September 6th. 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $12.92.

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.