Equities Analysts Set Expectations for Shoals Technologies Group, Inc.’s FY2023 Earnings (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Equities research analysts at Northland Capmk upped their FY2023 earnings estimates for Shoals Technologies Group in a report released on Wednesday, November 15th. Northland Capmk analyst D. Schafer now expects that the company will post earnings per share of $0.58 for the year, up from their previous estimate of $0.48. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.51 per share. Northland Capmk also issued estimates for Shoals Technologies Group’s Q1 2024 earnings at $0.15 EPS, Q2 2024 earnings at $0.18 EPS, Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.22 EPS and FY2025 earnings at $1.00 EPS.

Several other analysts also recently issued reports on the company. Truist Financial lowered their price target on Shoals Technologies Group from $25.00 to $23.00 and set a “buy” rating for the company in a report on Thursday, November 9th. Morgan Stanley reduced their price target on Shoals Technologies Group from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 17th. Piper Sandler raised shares of Shoals Technologies Group from a “neutral” rating to an “overweight” rating and set a $28.00 price objective for the company in a research report on Friday, October 6th. Northland Securities lowered shares of Shoals Technologies Group from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $26.00 to $18.00 in a research note on Thursday, October 5th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $28.00 target price on shares of Shoals Technologies Group in a research note on Wednesday, November 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.07.

Shoals Technologies Group Price Performance

Shoals Technologies Group stock opened at $14.85 on Friday. The firm has a fifty day moving average of $16.94 and a 200-day moving average of $21.03. Shoals Technologies Group has a 52-week low of $12.11 and a 52-week high of $32.43. The company has a quick ratio of 1.82, a current ratio of 2.54 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.52 billion, a P/E ratio of 17.47 and a beta of 2.11.

Insider Buying and Selling

In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 1,990 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total transaction of $42,944.20. Following the sale, the general counsel now owns 81,385 shares in the company, valued at $1,756,288.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, General Counsel Mehgan Peetz sold 1,990 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total value of $42,944.20. Following the completion of the sale, the general counsel now directly owns 81,385 shares in the company, valued at approximately $1,756,288.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jeffery Tolnar sold 1,975 shares of the firm’s stock in a transaction on Thursday, September 14th. The stock was sold at an average price of $21.66, for a total value of $42,778.50. Following the transaction, the president now owns 62,654 shares in the company, valued at $1,357,085.64. The disclosure for this sale can be found here. Insiders own 1.67% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. lifted its holdings in Shoals Technologies Group by 4,053.2% in the fourth quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock worth $129,634,000 after acquiring an additional 5,128,195 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Shoals Technologies Group by 160.7% in the 1st quarter. Wellington Management Group LLP now owns 5,942,954 shares of the company’s stock worth $135,440,000 after purchasing an additional 3,663,343 shares during the last quarter. BlackRock Inc. boosted its position in Shoals Technologies Group by 23.6% during the 1st quarter. BlackRock Inc. now owns 16,288,180 shares of the company’s stock valued at $371,208,000 after purchasing an additional 3,112,106 shares during the period. Norges Bank bought a new position in Shoals Technologies Group during the 4th quarter worth $46,964,000. Finally, Capital Research Global Investors increased its position in Shoals Technologies Group by 107.7% in the first quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after buying an additional 1,797,637 shares during the period.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications 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, and wire management solutions.