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 during the month of 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. Approximately 11.8% of the company’s shares are sold short. Based on an average trading volume of 4,910,000 shares, the days-to-cover ratio is presently 3.9 days.

Shoals Technologies Group Stock Down 12.6 %

SHLS stock traded down $0.66 during midday trading on Friday, reaching $4.56. 6,640,935 shares of the company were exchanged, compared to its average volume of 4,987,975. The company has a market cap of $759.91 million, a price-to-earnings ratio of 22.80, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.50 and a current ratio of 2.08. Shoals Technologies Group has a 1-year low of $4.53 and a 1-year high of $17.50. The stock’s 50-day simple moving average is $5.54 and its 200 day simple moving average is $6.19.

Shoals Technologies Group (NASDAQ:SHLS) last announced its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. Shoals Technologies Group’s revenue was down 23.8% on a year-over-year basis. During the same period last year, the firm earned $0.16 earnings per share. On average, equities analysts forecast that Shoals Technologies Group will post 0.28 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on SHLS shares. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a research report on Friday, September 6th. Barclays lowered their target price on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating for the company in a report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Morgan Stanley reduced their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company began coverage on shares of Shoals Technologies Group in a report on Monday, October 14th. They issued an “equal weight” rating and a $46.00 price objective for the company. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $11.92.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SHLS. Vanguard Group Inc. grew its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares during the last quarter. Wellington Management Group LLP increased its stake in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the period. Point72 Asset Management L.P. raised its holdings in shares of Shoals Technologies Group by 460.1% in the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the last quarter. Joho Capital LLC boosted its stake in shares of Shoals Technologies Group by 111.6% during the first quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after buying an additional 3,387,539 shares during the period. Finally, Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group during the third quarter worth about $20,191,000.

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.