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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the recipient of unusually large options trading activity on Wednesday. Stock investors bought 12,608 call options on the company. This represents an increase of approximately 315% compared to the typical volume of 3,035 call options.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS opened at $5.25 on Thursday. The company has a 50-day moving average price of $5.65 and a 200 day moving average price of $7.04. Shoals Technologies Group has a 52 week low of $4.85 and a 52 week high of $18.46. The company has a quick ratio of 1.50, a current ratio of 2.26 and a debt-to-equity ratio of 0.27. The company has a market cap of $874.91 million, a P/E ratio of 29.17, a PEG ratio of 0.74 and a beta of 1.74.

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

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Piper Sandler boosted their target price on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Roth Capital downgraded shares of Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Barclays decreased their price objective on shares of Shoals Technologies Group from $10.00 to $7.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Royal Bank of Canada restated an “outperform” rating and issued a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. Finally, Roth Mkm decreased their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $11.08.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC increased its stake in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Joho Capital LLC increased its stake in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after purchasing an additional 3,387,539 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 28.5% during the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares in the last quarter. Millennium Management LLC increased its stake in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after purchasing an additional 2,442,227 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Shoals Technologies Group during the 1st quarter worth approximately $25,268,000.

About Shoals Technologies Group

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.