Short Interest in Shoals Technologies Group, Inc. (NASDAQ:SHLS) Expands By 26.8%

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw a significant increase in short interest in February. As of February 27th, there was short interest totaling 13,848,021 shares, an increase of 26.8% from the February 12th total of 10,920,858 shares. Approximately 8.3% of the shares of the stock are short sold. Based on an average daily volume of 7,292,283 shares, the days-to-cover ratio is presently 1.9 days. Based on an average daily volume of 7,292,283 shares, the days-to-cover ratio is presently 1.9 days. Approximately 8.3% of the shares of the stock are short sold.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $6.20 on Tuesday. Shoals Technologies Group has a fifty-two week low of $2.92 and a fifty-two week high of $11.36. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 31.00, a price-to-earnings-growth ratio of 0.87 and a beta of 1.77. The business has a fifty day moving average of $8.63 and a 200-day moving average of $8.55. The company has a quick ratio of 1.32, a current ratio of 2.03 and a debt-to-equity ratio of 0.23.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.04). The company had revenue of $148.33 million for the quarter, compared to analyst estimates of $144.52 million. Shoals Technologies Group had a net margin of 7.06% and a return on equity of 9.10%. The firm’s revenue was up 38.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.08 EPS. As a group, analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently modified their holdings of SHLS. Encompass Capital Advisors LLC acquired a new position in shares of Shoals Technologies Group in the second quarter valued at approximately $56,120,000. Price T Rowe Associates Inc. MD boosted its position in Shoals Technologies Group by 151.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock worth $108,410,000 after acquiring an additional 7,685,515 shares during the last quarter. First Trust Advisors LP boosted its position in Shoals Technologies Group by 1,493.0% during the fourth quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock worth $53,819,000 after acquiring an additional 5,934,223 shares during the last quarter. Castle Hook Partners LP purchased a new stake in Shoals Technologies Group in the 4th quarter worth approximately $40,095,000. Finally, Amundi raised its holdings in Shoals Technologies Group by 175.2% in the 4th quarter. Amundi now owns 5,776,766 shares of the company’s stock valued at $49,075,000 after acquiring an additional 3,677,713 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SHLS. BNP Paribas Exane upgraded Shoals Technologies Group from an “underperform” rating to a “neutral” rating and set a $9.00 price target for the company in a research report on Wednesday, February 25th. Morgan Stanley decreased their price objective on shares of Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating on the stock in a research report on Wednesday, February 25th. UBS Group lowered their price objective on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Guggenheim dropped their target price on shares of Shoals Technologies Group from $12.00 to $11.00 and set a “buy” rating for the company in a report on Wednesday, February 25th. Finally, Zacks Research cut shares of Shoals Technologies Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $9.57.

About Shoals Technologies Group

Shoals Technologies Group, Inc is a leading provider of electrical balance-of-system (BOS) solutions for the solar energy industry. The company designs, engineers and manufactures a comprehensive portfolio of products, including junction boxes, combiner boxes, cable assemblies, power distribution units and monitoring systems. These components are critical to interconnecting photovoltaic modules, optimizing energy output and ensuring safe, reliable performance across solar installations.

Founded in 1996 and headquartered in Portland, Tennessee, Shoals has grown its manufacturing and operations footprint to serve customers around the globe.