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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw unusually large options trading activity on Tuesday. Stock investors bought 8,296 call options on the company. This is an increase of approximately 67% compared to the average daily volume of 4,953 call options.

Wall Street Analyst Weigh In

Several research firms recently commented on SHLS. Wells Fargo & Company boosted their price objective on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 11th. Barclays lifted their price target on shares of Shoals Technologies Group from $9.00 to $10.00 and gave the stock an “overweight” rating in a report on Friday. Jefferies Financial Group reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 11th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, May 6th. Finally, Citigroup boosted their target price on Shoals Technologies Group from $8.50 to $9.50 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Shoals Technologies Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.79.

Shoals Technologies Group Stock Performance

NASDAQ:SHLS traded up $0.61 during trading hours on Tuesday, hitting $9.90. 2,825,998 shares of the company were exchanged, compared to its average volume of 5,304,586. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.07. Shoals Technologies Group has a 52-week low of $4.18 and a 52-week high of $13.18. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 49.48, a PEG ratio of 1.09 and a beta of 1.89. The company’s 50 day moving average price is $9.63 and its 200-day moving average price is $8.69.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. The company’s quarterly revenue was up 74.4% on a year-over-year basis. As a group, research analysts forecast that Shoals Technologies Group will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Bobbie Lee King, Jr. sold 10,000 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $10.41, for a total transaction of $104,100.00. Following the completion of the sale, the insider directly owned 98,918 shares in the company, valued at $1,029,736.38. This represents a 9.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Dominic Bardos sold 54,449 shares of the business’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $8.48, for a total transaction of $461,727.52. Following the completion of the transaction, the chief financial officer owned 394,979 shares of the company’s stock, valued at $3,349,421.92. This represents a 12.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.81% of the company’s stock.

Institutional Trading of Shoals Technologies Group

Several large investors have recently added to or reduced their stakes in SHLS. Price T Rowe Associates Inc. MD increased its holdings in shares of Shoals Technologies Group by 151.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,753,784 shares of the company’s stock valued at $108,410,000 after purchasing an additional 7,685,515 shares during the period. First Trust Advisors LP lifted its holdings in shares of 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 purchasing an additional 5,934,223 shares during the period. Castle Hook Partners LP purchased a new stake in Shoals Technologies Group in the fourth quarter valued at approximately $40,095,000. Amundi increased 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 worth $49,075,000 after buying an additional 3,677,713 shares during the period. Finally, Peconic Partners LLC increased its holdings in Shoals Technologies Group by 79.8% in the 2nd quarter. Peconic Partners LLC now owns 6,975,186 shares of the company’s stock worth $29,645,000 after buying an additional 3,095,186 shares during the period.

Shoals Technologies Group Company Profile

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.