Investors are buying a large volume of put options on Shoals Technologies Group (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ: SHLSGet a rating) saw unusually large options trading on Wednesday. Equity investors bought 4,770 put options on the stock. This represents a 261% increase from the average daily volume of 1,320 puts.

A Wall Street analyst gives his opinion

Several stock analysts have published reports on the company. Roth Capital raised its price target on Shoals Technologies Group from $20.00 to $40.00 in a Tuesday, August 16 report. Guggenheim downgraded Shoals Technologies Group from a “buy” rating to a “neutral” rating in a Friday, September 9 report. They noted that the move was a review call. Credit Suisse Group lowered its price target on Shoals Technologies Group from $25.00 to $20.00 and set an “outperform” rating on the stock in a Monday, July 25 report. Northland Securities downgraded Shoals Technologies Group from an “outperforming” rating to a “market performing” rating in a Tuesday, July 19 report. Finally, Goldman Sachs Group downgraded Shoals Technologies Group from a “buy” rating to a “sell” rating and lowered its price target for the company from $23.00 to $21.00 in a Wednesday report. September 7. One equity research analyst gave the stock a sell rating, six gave the company a hold rating and six gave the company a buy rating. According to data from MarketBeat.com, Shoals Technologies Group currently has a consensus rating of “Hold” and an average target price of $28.64.

Insider buying and selling

In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 8,333 shares of the company in a trade on Friday, August 19. The stock was sold at an average price of $26.05, for a total transaction of $217,074.65. As a result of the transaction, the CEO now directly owns 699,285 shares of the company, valued at $18,216,374.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC website. In other news, the General Counsel Mahgan Peetz sold 2,034 shares in a trade on Wednesday, September 14. The stock was sold at an average price of $24.87, for a total value of $50,585.58. Following the sale, the General Counsel now directly owns 90,395 shares of the company, valued at $2,248,123.65. The sale was disclosed in a legal filing with the SEC, accessible via this hyperlink. Additionally, CEO Jason R. Whitaker sold 8,333 shares of the company in a trade on Friday, August 19. The shares were sold at an average price of $26.05, for a total value of $217,074.65. Following the completion of the sale, the CEO now owns 699,285 shares of the company, valued at $18,216,374.25. Disclosure of this sale can be found here. In the past three months, insiders have sold 22,403 shares of the company worth $571,282. Insiders of the company own 1.67% of the shares of the company.

Institutional entries and exits

Several institutional investors and hedge funds have recently bought and sold shares of the company. Standard Family Office LLC bought a new stock position in Shoals Technologies Group in the first quarter worth about $25,000. Ulland Investment Advisors LLC increased its holdings of Shoals Technologies Group shares by 900.0% in the first quarter. Ulland Investment Advisors LLC now owns 1,500 shares of the company valued at $26,000 after acquiring 1,350 additional shares in the last quarter. MetLife Investment Management LLC acquired a new stake in Shoals Technologies Group during the first quarter valued at approximately $36,000. Captrust Financial Advisors increased its stake in Shoals Technologies Group by 89.8% during the first quarter. Captrust Financial Advisors now owns 3,162 shares of the company valued at $54,000 after buying 1,496 additional shares in the last quarter. Finally, Nisa Investment Advisors LLC acquired a new stake in Shoals Technologies Group during the second quarter valued at approximately $55,000. Institutional investors hold 63.34% of the company’s shares.

Shoals Technologies Group shares rise 9.4%

Shares of Shoals Technologies Group Shares traded at $1.85 during Wednesday’s trading, reaching $21.53. The company had a trading volume of 26,874 shares, compared to an average volume of 1,402,740. The company has a market capitalization of $3.60 billion, a price-earnings ratio of 558.89 and a beta of 2, 01. The company’s fifty-day moving average is $22.79 and its 200-day moving average is $19.62. The company has a debt ratio of 32.54, a quick ratio of 1.66 and a current ratio of 2.83. Shoals Technologies Group has a fifty-two week low of $9.58 and a fifty-two week high of $36.86.

Shoals Technologies Group (NASDAQ: SHLSGet a rating) last released its quarterly earnings data on Monday, August 15. The company reported earnings per share of $0.04 for the quarter, missing the consensus estimate of $0.05 per ($0.01). The company posted revenue of $73.49 million for the quarter, versus analyst estimates of $72.89 million. Shoals Technologies Group posted a negative return on equity of 709.22% and a net margin of 3.08%. Shoals Technologies Group revenue increased 23.1% compared to the same quarter last year. In the same quarter last year, the company achieved EPS of $0.08. On average, analysts expect Shoals Technologies Group to post 0.22 EPS for the current year.

About Shoals Technologies Group

(Get a rating)

Shoals Technologies Group, Inc. provides Balanced Power System (EBOS) solutions for solar power projects in the United States. It produces EBOS components, including cable assemblies, in-line fuses, combiners, disconnectors, recombiners, wireless monitoring systems, junction boxes, transition boxes, splice boxes, cable management solutions and IV curve benchmarking devices.

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