Research Analysts Set Expectations for SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Cantor Fitzgerald cut their FY2024 earnings per share estimates for shares of Shoals Technologies Group in a report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will earn $0.27 per share for the year, down from their prior forecast of $0.29. Cantor Fitzgerald has a “Overweight” rating and a $12.00 price objective on the stock. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.28 per share.

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

SHLS has been the topic of several other reports. Oppenheimer decreased their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. TD Cowen lifted their price objective on Shoals Technologies Group from $9.50 to $11.00 and gave the company a “buy” rating in a research report on Wednesday. Roth Capital cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 7th. Jefferies Financial Group started coverage on Shoals Technologies Group in a research note on Wednesday, September 4th. They issued a “hold” rating and a $5.00 price target on the stock. Finally, Barclays dropped their target price on shares of Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.92.

Shoals Technologies Group Stock Performance

Shoals Technologies Group stock opened at $4.56 on Friday. The firm has a fifty day simple moving average of $5.54 and a two-hundred day simple moving average of $6.21. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a twelve month low of $4.53 and a twelve month high of $17.50. The company has a market capitalization of $759.91 million, a PE ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock valued at $184,825,000 after purchasing an additional 171,273 shares during the last quarter. Wellington Management Group LLP raised its position in Shoals Technologies Group by 14.6% in the third quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock worth $73,533,000 after acquiring an additional 1,666,691 shares during the period. Point72 Asset Management L.P. boosted its stake in shares of Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock worth $38,396,000 after acquiring an additional 5,622,207 shares during the last quarter. Joho Capital LLC grew its position in shares of Shoals Technologies Group by 111.6% during the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock valued at $71,815,000 after acquiring an additional 3,387,539 shares during the period. Finally, Erste Asset Management GmbH purchased a new stake in shares of Shoals Technologies Group in the 3rd quarter worth $20,191,000.

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.