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

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw some unusual options trading activity on Tuesday. Investors acquired 8,296 call options on the company. This represents an increase of approximately 67% compared to the typical volume of 4,953 call options.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHLS. UBS Group increased their price objective on Shoals Technologies Group from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $12.00 target price on shares of Shoals Technologies Group in a report on Wednesday, May 6th. Wells Fargo & Company raised their price target on Shoals Technologies Group from $9.00 to $10.00 and gave the company an “equal weight” rating in a research note on Thursday, June 11th. Citigroup lifted their price objective on Shoals Technologies Group from $8.50 to $9.50 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Shoals Technologies Group in a research note on Friday, May 22nd. Ten 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. Based on data from MarketBeat.com, Shoals Technologies Group currently has an average rating of “Moderate Buy” and an average target price of $9.79.

Insider Activity

In other news, insider Bobbie Lee King, Jr. sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $10.41, for a total transaction of $104,100.00. Following the transaction, the insider directly owned 98,918 shares of the company’s stock, valued at approximately $1,029,736.38. This trade represents a 9.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Dominic Bardos sold 54,449 shares of Shoals Technologies Group stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $8.48, for a total transaction of $461,727.52. Following the sale, the chief financial officer directly owned 394,979 shares of the company’s stock, valued at $3,349,421.92. This represents a 12.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.81% of the stock is owned by insiders.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Militia Capital Management LLC purchased a new position in Shoals Technologies Group during the 1st quarter worth $516,000. Edgestream Partners L.P. purchased a new stake in Shoals Technologies Group in the first quarter valued at about $2,235,000. California State Teachers Retirement System raised its stake in Shoals Technologies Group by 31.0% in the first quarter. California State Teachers Retirement System now owns 199,903 shares of the company’s stock valued at $1,315,000 after buying an additional 47,318 shares during the last quarter. Redwood Grove Capital LLC boosted its holdings in Shoals Technologies Group by 20.2% in the first quarter. Redwood Grove Capital LLC now owns 3,037,422 shares of the company’s stock worth $19,986,000 after acquiring an additional 511,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Shoals Technologies Group by 46.0% in the first quarter. The Manufacturers Life Insurance Company now owns 73,662 shares of the company’s stock worth $484,000 after acquiring an additional 23,200 shares in the last quarter.

Shoals Technologies Group Stock Up 2.2%

Shares of Shoals Technologies Group stock opened at $10.12 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. The company has a market cap of $1.69 billion, a P/E ratio of 50.60, a PEG ratio of 1.20 and a beta of 1.90. The firm’s 50 day moving average price is $9.74 and its 200-day moving average price is $8.70. Shoals Technologies Group has a 52-week low of $4.43 and a 52-week high of $13.18.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, May 5th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The company had revenue of $140.56 million during the quarter, compared to analysts’ expectations of $129.16 million. Shoals Technologies Group had a net margin of 6.27% and a return on equity of 10.03%. The business’s revenue was up 74.4% compared to the same quarter last year. On average, sell-side analysts predict that Shoals Technologies Group will post 0.34 EPS for the current fiscal year.

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.