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

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

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Shoals Technologies Group by 3.1% during the 4th quarter. Vanguard Group Inc. now owns 13,594,139 shares of the company’s stock valued at $115,550,000 after purchasing an additional 404,133 shares during the period. Encompass Capital Advisors LLC acquired a new stake in shares of Shoals Technologies Group during the second quarter worth $56,120,000. Price T Rowe Associates Inc. MD increased its stake in shares of Shoals Technologies Group by 151.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after acquiring an additional 7,685,515 shares during the last quarter. Peconic Partners LLC increased its stake in Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock valued at $29,645,000 after purchasing an additional 3,095,186 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Shoals Technologies Group by 1,493.0% in the 4th quarter. First Trust Advisors LP now owns 6,331,682 shares of the company’s stock valued at $53,819,000 after buying an additional 5,934,223 shares in the last quarter.

Shoals Technologies Group Price Performance

Shares of Shoals Technologies Group stock traded up $0.01 during midday trading on Friday, reaching $6.13. The company had a trading volume of 2,617,333 shares, compared to its average volume of 6,594,780. The company has a current ratio of 2.03, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $8.69 and a 200 day simple moving average of $8.54. Shoals Technologies Group has a 1-year low of $2.92 and a 1-year high of $11.36. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 30.65, a price-to-earnings-growth ratio of 0.87 and a beta of 1.77.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Needham & Company LLC cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Shoals Technologies Group in a report on Monday, February 9th. Morgan Stanley cut their price objective on Shoals Technologies Group from $9.50 to $8.50 and set an “equal weight” rating for the company in a research report on Wednesday, February 25th. TD Cowen reissued a “buy” rating on shares of Shoals Technologies Group in a research note on Tuesday, February 24th. Finally, Citigroup decreased their target price on Shoals Technologies Group from $11.00 to $8.50 and set a “neutral” rating on the stock in a report on Thursday, February 26th. Ten analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.