Shoals Technologies Group Target of Unusually High Options Trading (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw unusually large options trading on Wednesday. Investors acquired 12,608 call options on the company. This represents an increase of approximately 315% compared to the typical daily volume of 3,035 call options.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Green Alpha Advisors LLC raised its stake in Shoals Technologies Group by 43.5% during the 3rd quarter. Green Alpha Advisors LLC now owns 40,636 shares of the company’s stock worth $228,000 after buying an additional 12,324 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Shoals Technologies Group by 34.2% during the third quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock valued at $15,212,000 after acquiring an additional 690,344 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Shoals Technologies Group by 24.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 542,137 shares of the company’s stock worth $3,383,000 after purchasing an additional 105,797 shares during the period. American Trust acquired a new stake in Shoals Technologies Group in the 2nd quarter valued at $68,000. Finally, Algert Global LLC grew its position in Shoals Technologies Group by 656.4% in the 2nd quarter. Algert Global LLC now owns 90,431 shares of the company’s stock valued at $564,000 after purchasing an additional 78,476 shares during the period.

Shoals Technologies Group Trading Up 6.1 %

SHLS stock traded up $0.30 during trading on Wednesday, hitting $5.22. The company had a trading volume of 2,117,761 shares, compared to its average volume of 4,979,088. The stock has a market cap of $889.59 million, a PE ratio of 28.72, a PEG ratio of 0.74 and a beta of 1.74. The business has a 50-day moving average of $5.65 and a 200-day moving average of $7.04. 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 has a one year low of $4.85 and a one year high of $18.46.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. The company 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 firm’s revenue for the quarter was down 16.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.12 EPS. Research analysts predict that Shoals Technologies Group will post 0.29 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on SHLS shares. Northland Securities lowered their price target on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Citigroup raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $5.00 to $5.50 in a research report on Thursday, October 3rd. Piper Sandler raised their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Truist Financial cut their target price on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Shoals Technologies Group presently has an average rating of “Hold” and a consensus price target of $11.08.

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.