Research Analysts Issue Forecasts for SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Stock analysts at Cantor Fitzgerald lowered their FY2024 earnings per share (EPS) estimates for Shoals Technologies Group in a research note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of $0.27 for the year, down from their prior estimate of $0.29. Cantor Fitzgerald has a “Overweight” rating and a $12.00 price target on the stock. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.28 per share.

A number of other analysts have also recently issued reports on the company. Jefferies Financial Group assumed coverage on Shoals Technologies Group in a report on Wednesday, September 4th. They set a “hold” rating and a $5.00 price objective on the stock. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a research report on Wednesday, August 7th. Roth Mkm reduced their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Northland Securities lowered their target price on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 8th. Finally, Truist Financial reduced their price target on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a research report on Friday, September 6th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $12.45.

Shoals Technologies Group Price Performance

SHLS opened at $5.22 on Friday. The company has a market capitalization of $869.91 million, a price-to-earnings ratio of 26.10, a PEG ratio of 0.73 and a beta of 1.73. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a 50-day moving average price of $5.56 and a 200-day moving average price of $6.24. Shoals Technologies Group has a twelve month low of $4.64 and a twelve month high of $17.50.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.02). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company’s revenue for the quarter was down 23.8% on a year-over-year basis.

Institutional Trading of Shoals Technologies Group

Several hedge funds have recently made changes to their positions in SHLS. Price T Rowe Associates Inc. MD grew its position in Shoals Technologies Group by 1.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock worth $2,068,000 after acquiring an additional 1,857 shares in the last quarter. FMR LLC boosted its holdings in shares of Shoals Technologies Group by 48.9% in the 3rd quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after purchasing an additional 1,906 shares during the period. ProShare Advisors LLC increased its position in shares of Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after purchasing an additional 2,427 shares during the last quarter. Van ECK Associates Corp raised its holdings in Shoals Technologies Group by 1.9% during the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after buying an additional 2,517 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Shoals Technologies Group by 3.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock valued at $637,000 after buying an additional 3,699 shares during the period.

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.