Stock Traders Purchase Large Volume of Put Options on Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) saw some unusual options trading activity on Friday. Investors purchased 2,667 put options on the stock. This is an increase of approximately 134% compared to the typical volume of 1,142 put options.

Insider Activity

In related news, General Counsel Mehgan Peetz sold 4,940 shares of the company’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $15.17, for a total value of $74,939.80. Following the completion of the transaction, the general counsel now directly owns 84,809 shares of the company’s stock, valued at approximately $1,286,552.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Shoals Technologies Group news, Director Ty P. Daul purchased 5,500 shares of the business’s stock in a transaction on Thursday, June 16th. The shares were purchased at an average cost of $17.60 per share, with a total value of $96,800.00. Following the transaction, the director now directly owns 28,591 shares of the company’s stock, valued at approximately $503,201.60. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, General Counsel Mehgan Peetz sold 4,940 shares of the business’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $15.17, for a total transaction of $74,939.80. Following the sale, the general counsel now directly owns 84,809 shares in the company, valued at $1,286,552.53. The disclosure for this sale can be found here. 1.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On Shoals Technologies Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its stake in Shoals Technologies Group by 0.8% in the 1st quarter. Invesco Ltd. now owns 7,063,711 shares of the company’s stock valued at $120,365,000 after purchasing an additional 55,184 shares during the last quarter. Capital Research Global Investors lifted its stake in Shoals Technologies Group by 107.7% in the 1st quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock valued at $59,071,000 after purchasing an additional 1,797,637 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Shoals Technologies Group by 90.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,403,159 shares of the company’s stock valued at $40,950,000 after purchasing an additional 1,140,800 shares during the last quarter. State Street Corp raised its stake in shares of Shoals Technologies Group by 3.4% during the first quarter. State Street Corp now owns 2,011,267 shares of the company’s stock valued at $34,272,000 after acquiring an additional 65,301 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Shoals Technologies Group by 35.8% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,963,794 shares of the company’s stock valued at $33,463,000 after acquiring an additional 517,769 shares during the last quarter. Institutional investors own 67.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Credit Suisse Group cut their price target on shares of Shoals Technologies Group from $25.00 to $20.00 and set an “outperform” rating on the stock in a research report on Monday, July 25th. Piper Sandler upped their target price on shares of Shoals Technologies Group from $15.00 to $20.00 and gave the company a “neutral” rating in a report on Tuesday, July 19th. UBS Group increased their price target on shares of Shoals Technologies Group to $27.00 in a report on Thursday, June 9th. Guggenheim lowered their price target on shares of Shoals Technologies Group from $22.00 to $19.00 and set a “na” rating on the stock in a report on Tuesday, May 17th. Finally, Truist Financial raised shares of Shoals Technologies Group from a “hold” rating to a “buy” rating and increased their price target for the company from $16.00 to $25.00 in a report on Thursday, June 9th. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Shoals Technologies Group has an average rating of “Moderate Buy” and an average target price of $24.77.

Shoals Technologies Group Trading Down 0.0 %

NASDAQ SHLS opened at $23.07 on Friday. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 462.00 and a beta of 2.40. The firm’s 50 day simple moving average is $18.05 and its 200 day simple moving average is $16.08. Shoals Technologies Group has a 1 year low of $9.58 and a 1 year high of $36.86.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last posted its quarterly earnings results on Monday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.03). The firm had revenue of $67.98 million for the quarter, compared to analyst estimates of $69.97 million. Shoals Technologies Group had a negative return on equity of 179.10% and a net margin of 3.33%. The company’s revenue for the quarter was up 49.1% on a year-over-year basis. On average, equities research analysts forecast that Shoals Technologies Group will post 0.23 earnings per share for the current year.

About Shoals Technologies Group

(Get Rating)

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, wire management solutions, and IV curve benchmarking devices.

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