Shoals Technologies Group Sees Unusually High Options Volume (NASDAQ:SHLS)

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Shoals Technologies Group, Inc. (NASDAQ:SHLS) was the target of some unusual options trading activity on Wednesday. Traders bought 6,224 call options on the stock. This is an increase of approximately 1,106% compared to the average daily volume of 516 call options.

NASDAQ SHLS opened at $21.12 on Friday. Shoals Technologies Group has a 1 year low of $20.40 and a 1 year high of $44.04. The company has a fifty day moving average of $28.56 and a two-hundred day moving average of $29.87.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Tuesday, November 9th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.01. Shoals Technologies Group had a net margin of 4.14% and a negative return on equity of 78.16%. The business had revenue of $59.84 million during the quarter, compared to the consensus estimate of $62.03 million. On average, sell-side analysts anticipate that Shoals Technologies Group will post 0.2 EPS for the current fiscal year.

Several research analysts have recently commented on the stock. Truist Securities assumed coverage on shares of Shoals Technologies Group in a research note on Friday, October 15th. They issued a “hold” rating and a $34.00 price objective for the company. Truist began coverage on shares of Shoals Technologies Group in a research note on Friday, October 15th. They issued a “hold” rating and a $34.00 price objective for the company. Roth Capital reduced their target price on shares of Shoals Technologies Group from $44.00 to $37.00 and set a “buy” rating on the stock in a report on Wednesday, November 10th. Zacks Investment Research raised shares of Shoals Technologies Group from a “sell” rating to a “hold” rating in a report on Wednesday, December 15th. Finally, Barclays reduced their target price on shares of Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 10th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $39.00.

Institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley purchased a new position in Shoals Technologies Group in the first quarter valued at about $1,084,000. Victory Capital Management Inc. increased its stake in shares of Shoals Technologies Group by 697.4% during the 2nd quarter. Victory Capital Management Inc. now owns 99,281 shares of the company’s stock worth $3,524,000 after purchasing an additional 86,831 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $415,000. US Bancorp DE increased its stake in shares of Shoals Technologies Group by 67.0% during the 2nd quarter. US Bancorp DE now owns 1,526 shares of the company’s stock worth $54,000 after purchasing an additional 612 shares in the last quarter. Finally, Swiss National Bank purchased a new position in shares of Shoals Technologies Group during the 2nd quarter worth approximately $6,954,000. Institutional investors and hedge funds own 98.85% of the company’s stock.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects in the United States. It offers EBOS components, such as cable assemblies, inline fuses, combiners, recombiners, disconnects, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes that carry the electric current produced by solar panels to an inverter and to the power grid.

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