Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) saw a significant increase in short interest in April. As of April 15th, there was short interest totalling 13,610,000 shares, an increase of 66.8% from the March 31st total of 8,160,000 shares. Based on an average trading volume of 2,870,000 shares, the days-to-cover ratio is currently 4.7 days. Currently, 22.4% of the company’s shares are short sold.
In related news, CFO Philip A. Garton sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 23rd. The stock was sold at an average price of $22.00, for a total transaction of $2,200,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.67% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in SHLS. Morgan Stanley boosted its position in shares of Shoals Technologies Group by 1,412.8% during the second quarter. Morgan Stanley now owns 471,604 shares of the company’s stock valued at $16,741,000 after buying an additional 440,430 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in shares of Shoals Technologies Group by 45.2% during the third quarter. Janney Montgomery Scott LLC now owns 12,937 shares of the company’s stock valued at $361,000 after buying an additional 4,029 shares during the last quarter. Amalgamated Bank boosted its position in shares of Shoals Technologies Group by 9.3% during the third quarter. Amalgamated Bank now owns 18,545 shares of the company’s stock valued at $517,000 after buying an additional 1,583 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Shoals Technologies Group by 460.4% during the third quarter. SG Americas Securities LLC now owns 34,754 shares of the company’s stock valued at $969,000 after buying an additional 28,552 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its position in Shoals Technologies Group by 9.9% in the third quarter. New York State Common Retirement Fund now owns 401,905 shares of the company’s stock worth $11,205,000 after purchasing an additional 36,050 shares during the last quarter. 67.87% of the stock is currently owned by institutional investors.
Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last released its quarterly earnings data on Thursday, March 10th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Shoals Technologies Group had a net margin of 1.10% and a negative return on equity of 43.41%. The business had revenue of $48.00 million for the quarter, compared to analysts’ expectations of $46.50 million. During the same period last year, the business earned $0.06 earnings per share. The company’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, equities analysts anticipate that Shoals Technologies Group will post 0.27 earnings per share for the current year.
A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. decreased their price objective on Shoals Technologies Group from $35.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, April 19th. Colliers Securities reiterated a “neutral” rating on shares of Shoals Technologies Group in a report on Wednesday, March 30th. Truist Financial decreased their price objective on Shoals Technologies Group from $34.00 to $20.00 and set a “hold” rating for the company in a report on Monday, January 24th. Zacks Investment Research downgraded Shoals Technologies Group from a “hold” rating to a “sell” rating in a report on Saturday, January 22nd. Finally, Morgan Stanley decreased their price objective on Shoals Technologies Group from $27.00 to $25.00 and set an “equal weight” rating for the company in a report on Tuesday, March 22nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.55.
About Shoals Technologies Group (Get Rating)
Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.
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