Cantor Fitzgerald Has Weak Estimate for SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Research analysts at Cantor Fitzgerald decreased their FY2024 earnings per share estimates for shares of Shoals Technologies Group in a research report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now expects that the company will earn $0.27 per share for the year, down from their previous estimate 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 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). The firm had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The company’s revenue was down 23.8% compared to the same quarter last year. During the same period last year, the company earned $0.16 EPS.

A number of other equities analysts have also recently issued reports on the stock. Oppenheimer reduced their price objective 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. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Truist Financial dropped their price objective on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Roth Mkm reduced their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, September 6th. Finally, Jefferies Financial Group started coverage on Shoals Technologies Group in a research report on Wednesday, September 4th. They set a “hold” rating and a $5.00 target price for the company. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $12.45.

Shoals Technologies Group Stock Up 5.5 %

Shares of NASDAQ SHLS opened at $5.22 on Friday. Shoals Technologies Group has a 1 year low of $4.64 and a 1 year high of $17.50. The firm’s 50-day moving average is $5.56 and its 200-day moving average is $6.24. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $869.91 million, a PE ratio of 26.10, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73.

Institutional Trading of Shoals Technologies Group

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Shoals Technologies Group by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 16,531,712 shares of the company’s stock worth $184,825,000 after buying an additional 171,273 shares during the period. Joho Capital LLC increased its holdings in shares of Shoals Technologies Group by 111.6% during the first 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 in the last quarter. Erste Asset Management GmbH acquired a new position in shares of Shoals Technologies Group during the third quarter worth approximately $20,191,000. Millennium Management LLC lifted its holdings in shares of Shoals Technologies Group by 262.8% in 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 in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Shoals Technologies Group by 34.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 2,711,603 shares of the company’s stock worth $15,212,000 after purchasing an additional 690,344 shares in the last quarter.

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.