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

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) saw a significant decrease in short interest in the month of September. As of September 30th, there was short interest totalling 16,720,000 shares, a decrease of 22.2% from the September 15th total of 21,490,000 shares. Based on an average daily volume of 5,420,000 shares, the short-interest ratio is currently 3.1 days. Approximately 10.4% of the company's stock are sold short.

Wall Street Analyst Weigh In

Several equities analysts have commented on SHLS shares. UBS Group lowered their price objective on 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. Cantor Fitzgerald reissued an "overweight" rating and set a $12.00 price target on shares of Shoals Technologies Group in a research report on Tuesday, September 17th. Barclays restated an "equal weight" rating and issued a $7.00 price objective on shares of Shoals Technologies Group in a report on Thursday. Wells Fargo & Company started coverage on shares of Shoals Technologies Group in a report on Monday. They set an "equal weight" rating and a $46.00 target price for the company. Finally, Citigroup upgraded Shoals Technologies Group from a "sell" rating to a "neutral" rating and upped their price target for the stock from $5.00 to $5.50 in a research note on Thursday, October 3rd. Three 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. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.92.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ANTIPODES PARTNERS Ltd increased its holdings in Shoals Technologies Group by 122.4% during the first quarter. ANTIPODES PARTNERS Ltd now owns 4,793 shares of the company's stock valued at $54,000 after buying an additional 2,638 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Shoals Technologies Group during the first quarter valued at approximately $92,000. 1620 Investment Advisors Inc. purchased a new stake in Shoals Technologies Group during the second quarter valued at approximately $54,000. Mackenzie Financial Corp purchased a new stake in Shoals Technologies Group during the second quarter valued at approximately $64,000. Finally, Paloma Partners Management Co purchased a new stake in Shoals Technologies Group during the first quarter valued at approximately $115,000.

Shoals Technologies Group Stock Performance

Shares of SHLS traded down $0.08 during trading hours on Monday, hitting $5.23. The stock had a trading volume of 2,921,420 shares, compared to its average volume of 4,977,736. The firm has a market capitalization of $891.30 million, a PE ratio of 29.06, a PEG ratio of 0.74 and a beta of 1.74. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.26 and a quick ratio of 1.50. Shoals Technologies Group has a 12 month low of $4.85 and a 12 month high of $17.50. The stock has a fifty day moving average price of $5.59 and a 200 day moving average price of $6.86.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.08 by $0.02. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business had revenue of $99.25 million during the quarter, compared to the consensus estimate of $90.57 million. During the same period in the previous year, the company posted $0.12 EPS. The business's quarterly revenue was down 16.7% compared to the same quarter last year. Analysts anticipate that Shoals Technologies Group will post 0.29 EPS for the current year.

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.

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