Shoals Technologies Group, Inc. (NASDAQ:SHLS) Sees Large Increase in Short Interest

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

Wall Street Analyst Weigh In

SHLS has been the subject of several recent analyst reports. Barclays reduced their target price on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a research note on Wednesday. Oppenheimer reduced their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Citigroup raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Finally, TD Cowen lifted their price target on Shoals Technologies Group from $9.50 to $11.00 and gave the stock a “buy” rating in a report on Wednesday. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Shoals Technologies Group currently has an average rating of “Hold” and an average price target of $11.92.

Shoals Technologies Group Stock Performance

Shares of SHLS stock traded down $0.66 during trading on Friday, reaching $4.56. 6,640,935 shares of the company’s stock traded hands, compared to its average volume of 4,987,975. The firm’s 50-day moving average is $5.54 and its 200 day moving average is $6.21. The company has a market capitalization of $759.91 million, a P/E ratio of 22.80, a PEG ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a 1 year low of $4.53 and a 1 year high of $17.50. 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 (NASDAQ:SHLS) last posted its earnings results 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 return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the prior year, the company earned $0.16 EPS. The company’s revenue was down 23.8% on a year-over-year basis. Equities research analysts expect that Shoals Technologies Group will post 0.28 EPS for the current year.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC increased its holdings in Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the period. Headlands Technologies LLC bought a new position in shares of Shoals Technologies Group in the first quarter worth $92,000. 1620 Investment Advisors Inc. bought a new position in shares of Shoals Technologies Group in the second quarter worth $54,000. Mackenzie Financial Corp purchased a new stake in shares of Shoals Technologies Group in the second quarter worth $64,000. Finally, Paloma Partners Management Co purchased a new position in Shoals Technologies Group during the first quarter worth about $115,000.

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.