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

Key Points

• Stock traders purchased 13,859 put options on Shoals Technologies Group, marking a significant increase of approximately 450% compared to the average trading volume.
• Shoals Technologies Group's stock rose 11.3% to a trading price of $5.78, with a total trading volume of nearly 2.9 million shares.
• Analysts have mixed ratings for the company, with consensus rating as "Moderate Buy" and an average price target of $9.15.

Shoals Technologies Group, Inc. (NASDAQ:SHLS - Get Free Report) was the recipient of unusually large options trading activity on Monday. Stock traders acquired 13,859 put options on the stock. Thisrepresentsanincreaseofapproximately450% compared to the average volume of 2,522 put options.

Shoals Technologies Group Stock Up 11.3%

Shares of NASDAQ:SHLS traded up $0.59 during trading on Monday, reaching $5.78. The stock had a trading volume of 2,917,717 shares, compared to its average volume of 6,381,393. Shoals Technologies Group has a one year low of $2.71 and a one year high of $7.00. The company has a market capitalization of $966.50 million, a P/E ratio of 44.43, a PEG ratio of 0.64 and a beta of 1.61. The company has a current ratio of 2.34, a quick ratio of 1.64 and a debt-to-equity ratio of 0.23. The firm's 50-day simple moving average is $5.30 and its 200 day simple moving average is $4.40.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.27% and a return on equity of 7.57%. The firm had revenue of $110.84 million during the quarter, compared to analyst estimates of $104.87 million. During the same period in the previous year, the firm earned $0.10 EPS. The business's quarterly revenue was up 11.7% on a year-over-year basis. As a group, research analysts expect that Shoals Technologies Group will post 0.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on SHLS. BNP Paribas Exane downgraded shares of Shoals Technologies Group from a "neutral" rating to an "underperform" rating and set a $4.00 target price on the stock. in a research report on Thursday, May 15th. Guggenheim lifted their price objective on shares of Shoals Technologies Group from $6.00 to $8.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Citigroup increased their target price on Shoals Technologies Group from $4.50 to $5.50 and gave the company a "neutral" rating in a report on Wednesday, May 7th. Wall Street Zen lowered shares of Shoals Technologies Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday. Finally, The Goldman Sachs Group lifted their target price on shares of Shoals Technologies Group from $5.00 to $6.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, Shoals Technologies Group presently has a consensus rating of "Moderate Buy" and an average price target of $9.15.

Institutional Trading of Shoals Technologies Group

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP boosted its holdings in shares of Shoals Technologies Group by 51.9% in the first quarter. Wellington Management Group LLP now owns 21,615,890 shares of the company's stock valued at $71,765,000 after acquiring an additional 7,382,548 shares during the period. Encompass Capital Advisors LLC purchased a new position in shares of Shoals Technologies Group in the second quarter valued at $56,120,000. Peconic Partners LLC increased its position in shares of Shoals Technologies Group by 79.8% in the second quarter. Peconic Partners LLC now owns 6,975,186 shares of the company's stock valued at $29,645,000 after buying an additional 3,095,186 shares in the last quarter. Invesco Ltd. increased its position in Shoals Technologies Group by 5.8% during the 1st quarter. Invesco Ltd. now owns 6,791,182 shares of the company's stock worth $22,547,000 after purchasing an additional 375,271 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Shoals Technologies Group by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 4,213,350 shares of the company's stock worth $17,909,000 after purchasing an additional 146,628 shares in the last quarter.

Shoals Technologies Group Company Profile

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.

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