Shoals Technologies Group Sees Unusually High Options Volume (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the target of some unusual options trading activity on Wednesday. Stock traders purchased 12,608 call options on the company. This is an increase of 315% compared to the average volume of 3,035 call options.

Shoals Technologies Group Price Performance

SHLS stock opened at $5.15 on Friday. The stock has a 50-day moving average price of $5.60 and a two-hundred day moving average price of $7.01. Shoals Technologies Group has a 1 year low of $4.85 and a 1 year high of $18.46. The stock has a market cap of $858.25 million, a PE ratio of 28.61, a price-to-earnings-growth ratio of 0.74 and a beta of 1.74. The company has a current ratio of 2.26, a quick ratio of 1.50 and a debt-to-equity ratio of 0.27.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.02. The firm had revenue of $99.25 million for the quarter, compared to analyst estimates of $90.57 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. The business’s quarterly revenue was down 16.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 EPS. Equities analysts forecast that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 1.0% during the first quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after acquiring an additional 171,273 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after buying an additional 2,864,879 shares during the last quarter. William Blair Investment Management LLC grew its holdings in Shoals Technologies Group by 71.6% during the first quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after buying an additional 4,263,964 shares in the last quarter. Joho Capital LLC raised its position in Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after buying an additional 3,387,539 shares during the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its stake in Shoals Technologies Group by 30.1% during the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 5,102,882 shares of the company’s stock valued at $57,050,000 after acquiring an additional 1,179,834 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research firms have commented on SHLS. Oppenheimer dropped their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Cantor Fitzgerald reissued an “overweight” rating and set a $12.00 target price on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. UBS Group reduced their price target on Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Northland Securities lowered their price objective on Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating for the company in a research report on Thursday, August 8th. Finally, Barclays reaffirmed an “equal weight” rating and issued a $7.00 target price on shares of Shoals Technologies Group in a report on Thursday. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.08.

Shoals Technologies Group Company Profile

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.