Short Interest in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Drops By 14.0%

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totalling 21,860,000 shares, a decrease 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 daily volume of 3,990,000 shares, the short-interest ratio is presently 5.5 days.

Institutional Trading of Shoals Technologies Group

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC grew its holdings in shares of Shoals Technologies Group by 28.3% during the 3rd quarter. SG Americas Securities LLC now owns 38,573 shares of the company's stock worth $704,000 after acquiring an additional 8,511 shares during the period. Exchange Traded Concepts LLC bought a new position in Shoals Technologies Group in the third quarter worth $48,000. Asset Management One Co. Ltd. purchased a new position in Shoals Technologies Group during the third quarter valued at $1,425,000. Handelsbanken Fonder AB lifted its position in Shoals Technologies Group by 2,692.6% during the third quarter. Handelsbanken Fonder AB now owns 628,332 shares of the company's stock valued at $11,467,000 after buying an additional 605,832 shares during the period. Finally, Aquila Investment Management LLC boosted its holdings in shares of Shoals Technologies Group by 75.0% during the 3rd quarter. Aquila Investment Management LLC now owns 70,000 shares of the company's stock valued at $1,278,000 after buying an additional 30,000 shares in the last quarter.

Shoals Technologies Group Trading Up 2.5 %

NASDAQ SHLS traded up $0.21 on Monday, hitting $8.73. The company's stock had a trading volume of 2,741,415 shares, compared to its average volume of 3,833,262. The company has a current ratio of 2.45, a quick ratio of 1.88 and a debt-to-equity ratio of 0.33. 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 $1.49 billion, a P/E ratio of 35.08 and a beta of 1.79. The company's 50-day simple moving average is $11.59 and its 200 day simple moving average is $13.64.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last announced 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). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million during the quarter, compared to analysts' expectations of $131.89 million. Research analysts predict that Shoals Technologies Group will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on SHLS. Barclays dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 5th. Cantor Fitzgerald reissued an "overweight" rating and issued a $24.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Truist Financial reissued a "buy" rating and set a $20.00 price objective (down from $23.00) on shares of Shoals Technologies Group in a report on Thursday, February 29th. Mizuho cut their target price on Shoals Technologies Group from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Friday, April 19th. Finally, Oppenheimer cut their price objective on shares of Shoals Technologies Group from $42.00 to $17.00 and set an "outperform" rating for the company in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price 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.