Stock Traders Buy High Volume of Shoals Technologies Group Put Options (NASDAQ:SHLS)

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Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) was the target of unusually large options trading activity on Friday. Investors bought 2,667 put options on the stock. This is an increase of approximately 134% compared to the typical daily volume of 1,142 put options.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SHLS. Northland Securities lowered shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. UBS Group upped their target price on shares of Shoals Technologies Group to $27.00 in a report on Thursday, June 9th. Piper Sandler upped their target price on shares of Shoals Technologies Group from $15.00 to $20.00 and gave the stock a “neutral” rating in a report on Tuesday, July 19th. Oppenheimer decreased their target price on shares of Shoals Technologies Group to $40.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Finally, Cowen decreased their target price on shares of Shoals Technologies Group to $20.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.77.

Shoals Technologies Group Price Performance

SHLS stock opened at $23.07 on Friday. Shoals Technologies Group has a one year low of $9.58 and a one year high of $36.86. The stock has a market cap of $3.86 billion, a PE ratio of 462.00 and a beta of 2.40. The firm has a 50 day simple moving average of $18.05 and a two-hundred day simple moving average of $16.08.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last announced its quarterly earnings data on Monday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.03). Shoals Technologies Group had a net margin of 3.33% and a negative return on equity of 179.10%. The business had revenue of $67.98 million during the quarter, compared to analysts’ expectations of $69.97 million. The firm’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, research analysts expect that Shoals Technologies Group will post 0.23 EPS for the current fiscal year.

Insiders Place Their Bets

In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 4,940 shares of Shoals Technologies Group stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $15.17, for a total value of $74,939.80. Following the sale, the general counsel now owns 84,809 shares of the company’s stock, valued at $1,286,552.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Shoals Technologies Group news, Director Ty P. Daul purchased 5,500 shares of the stock in a transaction dated Thursday, June 16th. The shares were bought at an average price of $17.60 per share, with a total value of $96,800.00. Following the completion of the transaction, the director now directly owns 28,591 shares in the company, valued at approximately $503,201.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Mehgan Peetz sold 4,940 shares of the business’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $15.17, for a total transaction of $74,939.80. Following the completion of the sale, the general counsel now directly owns 84,809 shares in the company, valued at approximately $1,286,552.53. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Institutional Investors Weigh In On Shoals Technologies Group

Institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale boosted its stake in shares of Shoals Technologies Group by 444.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 417,800 shares of the company’s stock valued at $7,483,000 after purchasing an additional 341,000 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Shoals Technologies Group by 104.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 722,496 shares of the company’s stock valued at $12,311,000 after buying an additional 369,948 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Shoals Technologies Group by 46.2% during the 4th quarter. Teacher Retirement System of Texas now owns 20,422 shares of the company’s stock valued at $496,000 after buying an additional 6,458 shares during the last quarter. Summit Partners Public Asset Management LLC bought a new stake in Shoals Technologies Group during the 4th quarter valued at $15,798,000. Finally, abrdn plc raised its holdings in Shoals Technologies Group by 211.2% during the 1st quarter. abrdn plc now owns 415,657 shares of the company’s stock valued at $7,346,000 after buying an additional 282,108 shares during the last quarter. Hedge funds and other institutional investors own 67.05% of the company’s stock.

Shoals Technologies Group Company Profile

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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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