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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw a large decline in short interest in 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. Currently, 13.3% of the shares of the company are sold short. Based on an average daily volume of 3,990,000 shares, the days-to-cover ratio is currently 5.5 days.

Shoals Technologies Group Stock Up 3.1 %

SHLS opened at $8.52 on Monday. The company has a fifty day moving average price of $11.59 and a 200-day moving average price of $13.64. The firm has a market capitalization of $1.45 billion, a P/E ratio of 34.08 and a beta of 1.79. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. Shoals Technologies Group has a one year low of $8.06 and a one year high of $28.34.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 earnings per share (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 company had revenue of $130.44 million for the quarter, compared to the consensus estimate of $131.89 million. Equities research analysts expect that Shoals Technologies Group will post 0.51 earnings per share for the current fiscal year.

Institutional Trading of Shoals Technologies Group

A number of hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its holdings in shares of Shoals Technologies Group by 17.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 25,241 shares of the company’s stock worth $282,000 after acquiring an additional 3,811 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in shares of Shoals Technologies Group during the 1st quarter worth $138,000. Viking Fund Management LLC lifted its holdings in shares of Shoals Technologies Group by 33.3% during the 1st quarter. Viking Fund Management LLC now owns 160,000 shares of the company’s stock worth $1,789,000 after acquiring an additional 40,000 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Shoals Technologies Group by 14.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock worth $181,000 after acquiring an additional 1,429 shares during the last quarter. Finally, SCP Investment LP bought a new stake in Shoals Technologies Group in the fourth quarter worth $763,000.

Wall Street Analyst Weigh In

SHLS has been the topic of a number of research reports. Janney Montgomery Scott started coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They issued a “buy” rating and a $20.00 price target on the stock. Barclays reduced their price objective on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 5th. Oppenheimer reduced 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. Cantor Fitzgerald reiterated an “overweight” rating and issued a $24.00 price objective on shares of Shoals Technologies Group in a research note on Wednesday, March 13th. Finally, Royal Bank of Canada reduced their price objective on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Thursday, February 29th. Three analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Shoals Technologies Group currently has a consensus rating of “Moderate Buy” and a consensus 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.