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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw a large decline in short interest in 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 sold short. Based on an average daily trading volume, of 3,990,000 shares, the short-interest ratio is presently 5.5 days.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. raised its position in shares of Shoals Technologies Group by 92.7% during the third quarter. Assetmark Inc. now owns 1,590 shares of the company’s stock valued at $29,000 after buying an additional 765 shares during the last quarter. ANTIPODES PARTNERS Ltd acquired a new position in Shoals Technologies Group in the 4th quarter valued at approximately $33,000. Exchange Traded Concepts LLC bought a new stake in shares of Shoals Technologies Group in the 3rd quarter worth approximately $48,000. Headlands Technologies LLC grew its holdings in shares of Shoals Technologies Group by 101.4% during the 3rd quarter. Headlands Technologies LLC now owns 4,459 shares of the company’s stock worth $81,000 after purchasing an additional 2,245 shares in the last quarter. Finally, Trium Capital LLP acquired a new stake in shares of Shoals Technologies Group during the 3rd quarter worth approximately $93,000.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $8.45 on Wednesday. The business’s 50-day simple moving average is $11.28 and its 200-day simple moving average is $13.53. 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 52 week low of $8.06 and a 52 week high of $28.34. The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 33.80 and a beta of 1.79.

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). The firm had revenue of $130.44 million during the quarter, compared to the consensus estimate of $131.89 million. Shoals Technologies Group had a net margin of 8.18% and a return on equity of 16.02%. As a group, equities research analysts expect that Shoals Technologies Group will post 0.51 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SHLS has been the topic of several research reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 price target on shares of Shoals Technologies Group in a research report on Wednesday, March 13th. UBS Group dropped their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Royal Bank of Canada cut their price objective on 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. Janney Montgomery Scott began coverage on Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, TD Cowen cut their target price on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a research 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, Shoals Technologies Group has a consensus rating of “Moderate Buy” and an average price target of $20.94.

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.