Traders Purchase High Volume of Shoals Technologies Group Call Options (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) saw some unusual options trading on Friday. Stock traders acquired 26,573 call options on the company. This is an increase of approximately 1,471% compared to the typical volume of 1,692 call options.

Wall Street Analysts Forecast Growth

SHLS has been the subject of several recent analyst reports. Barclays lowered their price objective on shares of Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Wolfe Research assumed coverage on shares of Shoals Technologies Group in a research note on Tuesday, February 18th. They set a “peer perform” rating on the stock. Truist Financial decreased their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. UBS Group dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Finally, Piper Sandler decreased their price objective on Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Shoals Technologies Group has an average rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Stock Performance

SHLS stock opened at $3.64 on Friday. The company has a market cap of $607.86 million, a P/E ratio of 18.20, a price-to-earnings-growth ratio of 0.52 and a beta of 1.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. Shoals Technologies Group has a 1 year low of $2.71 and a 1 year high of $9.17. The stock’s fifty day moving average price is $3.39 and its 200-day moving average price is $4.44.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). The company had revenue of $107.00 million for the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 earnings per share. On average, equities analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insider Activity

In related news, CEO Brandon Moss sold 21,700 shares of Shoals Technologies Group stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. The trade was a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last quarter, insiders sold 40,575 shares of company stock valued at $123,957. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC boosted its position in shares of Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Shoals Technologies Group by 20.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 15,525 shares of the company’s stock worth $86,000 after purchasing an additional 2,652 shares in the last quarter. Maven Securities LTD lifted its stake in Shoals Technologies Group by 11.1% in the 4th quarter. Maven Securities LTD now owns 50,000 shares of the company’s stock worth $276,000 after purchasing an additional 5,000 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Shoals Technologies Group by 2.5% during the 1st quarter. Rhumbline Advisers now owns 248,924 shares of the company’s stock valued at $826,000 after purchasing an additional 6,112 shares during the last quarter. Finally, Barclays PLC grew its position in shares of Shoals Technologies Group by 3.3% during the fourth quarter. Barclays PLC now owns 300,910 shares of the company’s stock valued at $1,665,000 after purchasing an additional 9,668 shares in the last quarter.

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.