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

Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Free Report) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 25,532,200 shares, a growth of 21.1% from the May 31st total of 21,080,000 shares. Approximately 15.4% of the shares of the company are short sold. Based on an average daily volume of 5,667,700 shares, the days-to-cover ratio is currently 4.5 days.

Shoals Technologies Group Trading Down 2.1 %

NASDAQ SHLS opened at $6.11 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.62 and a quick ratio of 1.87. The firm has a market cap of $1.04 billion, a P/E ratio of 33.95 and a beta of 1.76. Shoals Technologies Group has a one year low of $6.01 and a one year high of $28.34. The stock’s 50-day moving average is $7.39 and its 200-day moving average is $11.22.

Shoals Technologies Group (NASDAQ:SHLSGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The business had revenue of $90.81 million during the quarter, compared to the consensus estimate of $94.44 million. Shoals Technologies Group had a return on equity of 13.95% and a net margin of 6.42%. Sell-side analysts anticipate that Shoals Technologies Group will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SHLS. PNC Financial Services Group Inc. grew its stake in Shoals Technologies Group by 49.8% in the third quarter. PNC Financial Services Group Inc. now owns 10,204 shares of the company’s stock valued at $186,000 after purchasing an additional 3,394 shares in the last quarter. FMR LLC grew its stake in Shoals Technologies Group by 97.4% in the third quarter. FMR LLC now owns 1,973,610 shares of the company’s stock valued at $36,018,000 after purchasing an additional 974,058 shares in the last quarter. Trexquant Investment LP bought a new position in Shoals Technologies Group in the third quarter valued at approximately $2,524,000. Glenmede Trust Co. NA bought a new position in Shoals Technologies Group in the third quarter valued at approximately $206,000. Finally, Alberta Investment Management Corp grew its stake in Shoals Technologies Group by 20.0% in the third quarter. Alberta Investment Management Corp now owns 152,202 shares of the company’s stock valued at $2,778,000 after purchasing an additional 25,365 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SHLS shares. Northland Capmk lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 8th. Piper Sandler cut their target price on Shoals Technologies Group from $14.00 to $11.00 and set an “overweight” rating for the company in a research note on Wednesday, May 8th. Barclays cut their target price on Shoals Technologies Group from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 9th. Cantor Fitzgerald lowered their price target on Shoals Technologies Group from $24.00 to $14.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 8th. Finally, Roth Mkm cut Shoals Technologies Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $8.00 in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.29.

View Our Latest Stock Analysis on SHLS

About Shoals Technologies Group

(Get Free Report)

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.

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