Shoals Technologies Group, Inc. to Post Q2 2024 Earnings of $0.12 Per Share, Northland Capmk Forecasts (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Analysts at Northland Capmk lowered their Q2 2024 earnings per share (EPS) estimates for Shoals Technologies Group in a research report issued to clients and investors on Friday, May 3rd. Northland Capmk analyst D. Schafer now forecasts that the company will post earnings per share of $0.12 for the quarter, down from their previous forecast of $0.14. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.50 per share. Northland Capmk also issued estimates for Shoals Technologies Group’s Q3 2024 earnings at $0.18 EPS, FY2024 earnings at $0.49 EPS and FY2025 earnings at $0.57 EPS.

Shoals Technologies Group (NASDAQ:SHLS) last announced its earnings results on Wednesday, February 28th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Shoals Technologies Group had a return on equity of 16.02% and a net margin of 8.18%. The business had revenue of $130.44 million for the quarter, compared to analysts’ expectations of $131.89 million.

A number of other equities research analysts have also recently weighed in on the company. Piper Sandler cut their price target on Shoals Technologies Group from $16.00 to $14.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. TD Cowen cut their price target on Shoals Technologies Group from $30.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, February 29th. The Goldman Sachs Group cut their price target on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Friday, March 1st. UBS Group cut their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a report on Friday, March 1st. Finally, Barclays cut their price target on Shoals Technologies Group from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 5th. Three research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $20.61.

Shoals Technologies Group Stock Down 0.6 %

NASDAQ:SHLS opened at $8.80 on Monday. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 35.20 and a beta of 1.86. Shoals Technologies Group has a one year low of $8.06 and a one year high of $28.34. The stock has a 50-day simple moving average of $10.79 and a 200 day simple moving average of $13.34. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.88 and a current ratio of 2.45.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. Vanguard Group Inc. lifted its position in shares of Shoals Technologies Group by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 16,360,439 shares of the company’s stock valued at $254,241,000 after buying an additional 225,464 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Shoals Technologies Group by 28.5% during the fourth quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock worth $200,626,000 after purchasing an additional 2,864,879 shares during the period. Clearbridge Investments LLC increased its stake in shares of Shoals Technologies Group by 2.7% during the fourth quarter. Clearbridge Investments LLC now owns 8,976,984 shares of the company’s stock worth $139,502,000 after purchasing an additional 233,377 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Shoals Technologies Group by 28.2% during the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock worth $116,217,000 after purchasing an additional 1,402,419 shares during the period. Finally, William Blair Investment Management LLC increased its stake in shares of Shoals Technologies Group by 25.1% during the third quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock worth $108,310,000 after purchasing an additional 1,190,411 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 (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.