Stock traders are buying a high volume of put options from Shoals Technologies Group (NASDAQ:SHLS)


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

A Wall Street analyst gives his opinion

Several research companies have recently published reports on SHLS. Northland Securities downgraded shares of Shoals Technologies Group from an “outperforming” rating to a “market performing” rating in a Tuesday, July 19 research report. UBS Group raised its price target on shares of Shoals Technologies Group to $27.00 in a Thursday, June 9 report. Piper Sandler raised her price target on Shoals Technologies Group stock from $15.00 to $20.00 and gave the stock a “neutral” rating in a Tuesday, July 19 report. Oppenheimer lowered his price target on Shoals Technologies Group stock to $40.00 and gave the stock an “na” rating in a Tuesday, May 17 report. Finally, Cowen lowered his price target on Shoals Technologies Group stock to $20.00 and gave the stock an “na” rating in a Tuesday, May 17 report. Five analysts gave the stock a hold rating and five gave the company a buy rating. 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 capitalization of $3.86 billion, a PE ratio of 462.00 and a beta of 2.40. The company 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:SHLS – Get Rating) last reported quarterly earnings data on Monday, May 16. The company reported earnings per share (EPS) of $0.02 for the quarter, missing analyst consensus estimates of $0.05 per ($0.03). Shoals Technologies Group achieved a net margin of 3.33% and a negative return on equity of 179.10%. The company posted revenue of $67.98 million in the quarter, compared to $69.97 million expected by analysts. The company’s revenue for the quarter increased 49.1% on an annual basis. On average, research analysts expect Shoals Technologies Group to post EPS of 0.23 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 in a trade dated Monday, May 23. 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, valued at $1,286,552.53. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. In other Shoals Technologies Group news, Director Ty P. Daul purchased 5,500 shares in a trade dated Thursday, June 16. The shares were purchased at an average price of $17.60 per share, with a total value of $96,800.00. Following completion of the transaction, the administrator now directly owns 28,591 shares of the company, valued at approximately $503,201.60. The transaction was disclosed in a filing with the SEC, accessible via this hyperlink. Additionally, General Counsel Mehgan Peetz sold 4,940 shares of the company in a transaction that took place on Monday, May 23. 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 of the company, valued at approximately $1,286,552.53. The disclosure of this sale can be found here. Insiders own 1.67% of the shares of the company.

Institutional investors weigh on the Shoals Technologies group

Institutional investors have recently changed their positions in the company. DekaBank Deutsche Girozentrale increased its stake in the shares of Shoals Technologies Group by 444.0% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 417,800 shares of the company valued at $7,483,000 after buying an additional 341,000 shares last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Shoals Technologies Group by 104.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 722,496 shares of the company valued at $12,311,000 after purchasing an additional 369,948 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Shoals Technologies Group by 46.2% during the 4th quarter. Teacher Retirement System of Texas now owns 20,422 shares of the company valued at $496,000 after purchasing an additional 6,458 shares in the last quarter. Summit Partners Public Asset Management LLC acquired a new stake in Shoals Technologies Group during Q4 valued at $15,798,000. Finally, abrdn plc increased its stake in Shoals Technologies Group by 211.2% during the 1st quarter. abrdn plc now owns 415,657 shares in the company valued at $7,346,000 after buying an additional 282,108 shares in the last quarter. Hedge funds and other institutional investors hold 67.05% of the company’s shares.

Shoals Technologies Group Company Profile

(Get a rating)

Shoals Technologies Group, Inc. provides Balanced Power System (EBOS) solutions for solar power projects in the United States. It produces EBOS components, including cable assemblies, in-line fuses, combiners, disconnectors, recombiners, wireless monitoring systems, junction boxes, transition boxes, splice boxes, cable management solutions and IV curve benchmarking devices.

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