Research Analysts Set Expectations for SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Cantor Fitzgerald dropped their FY2024 EPS estimates for shares of Shoals Technologies Group in a report released on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now forecasts that the company will earn $0.27 per share for the year, down from their previous forecast of $0.29. Cantor Fitzgerald currently 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.

Several other equities research analysts have also recently weighed in on the company. Piper Sandler boosted their price objective on Shoals Technologies Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price target on shares of Shoals Technologies Group in a report on Friday, September 6th. Oppenheimer dropped their price objective on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley reduced their target price on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Friday. Finally, BNP Paribas cut shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group presently has an average 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 company’s 50-day moving average price is $5.54 and its 200-day moving average price is $6.19. 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 company has a market cap of $759.91 million, a PE ratio of 22.80, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73. Shoals Technologies Group has a twelve month low of $4.53 and a twelve month high of $17.50.

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

Institutional Investors Weigh In On Shoals Technologies Group

Several large investors have recently modified their holdings of SHLS. Point72 Asset Management L.P. increased its holdings in Shoals Technologies Group by 460.1% during the third quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Shoals Technologies Group in the 3rd quarter valued at $20,191,000. Joho Capital LLC raised its position in shares of Shoals Technologies Group by 111.6% in the 1st quarter. Joho Capital LLC now owns 6,423,545 shares of the company’s stock worth $71,815,000 after acquiring an additional 3,387,539 shares in the last quarter. Millennium Management LLC lifted its stake in shares of Shoals Technologies Group by 262.8% during the 2nd quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock worth $21,039,000 after purchasing an additional 2,442,227 shares during the last quarter. Finally, Swedbank AB purchased a new position in Shoals Technologies Group in the first quarter valued at about $25,268,000.

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.