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

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

Wall Street Analyst Weigh In

SHLS has been the subject of a number of research reports. Royal Bank of Canada cut their target price on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, February 29th. UBS Group cut their target price on shares of Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Oppenheimer lowered their price target on shares of Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, February 29th. Piper Sandler lowered their price target on shares of Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Finally, Truist Financial reiterated a “buy” rating and set a $20.00 price target (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.94.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $8.73 on Tuesday. The company has a market cap of $1.49 billion, a price-to-earnings ratio of 34.92 and a beta of 1.79. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45. Shoals Technologies Group has a 1 year low of $8.06 and a 1 year high of $28.34. The firm has a 50 day moving average price of $11.43 and a 200 day moving average price of $13.58.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The business had revenue of $130.44 million for the quarter, compared to analyst estimates of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. Sell-side analysts predict that Shoals Technologies Group will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP lifted its position in Shoals Technologies Group by 38.0% during the third quarter. Wellington Management Group LLP now owns 10,045,443 shares of the company’s stock valued at $183,329,000 after buying an additional 2,764,566 shares in the last quarter. Handelsbanken Fonder AB lifted its position in Shoals Technologies Group by 301.5% during the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock valued at $39,206,000 after buying an additional 1,894,560 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Shoals Technologies Group by 24.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 21,430 shares of the company’s stock worth $333,000 after purchasing an additional 4,261 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after purchasing an additional 1,402,419 shares in the last quarter. Finally, Glenmede Trust Co. NA acquired a new position in shares of Shoals Technologies Group during the third quarter worth $206,000.

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.