FY2024 Earnings Estimate for Shoals Technologies Group, Inc. (NASDAQ:SHLS) Issued By Cantor Fitzgerald

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Research analysts at Cantor Fitzgerald cut their FY2024 earnings estimates for Shoals Technologies Group in a research report issued to clients and investors on Wednesday, May 8th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will earn $0.44 per share for the year, down from their previous estimate of $0.51. Cantor Fitzgerald currently has a “Overweight” rating and a $14.00 target price on the stock. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.50 per share.

A number of other analysts also recently commented on SHLS. Mizuho dropped their price target on shares of Shoals Technologies Group from $16.00 to $13.00 and set a “buy” rating on the stock in a research report on Wednesday. UBS Group lowered their price target on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, March 1st. The Goldman Sachs Group cut their price objective on Shoals Technologies Group from $26.00 to $23.00 and set a “buy” rating for the company in a report on Friday, March 1st. Janney Montgomery Scott began coverage on Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 target price on the stock. Finally, Roth Mkm cut shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $15.00 to $8.00 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.29.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $7.68 on Friday. The stock has a market cap of $1.31 billion, a P/E ratio of 30.70 and a beta of 1.86. The firm’s 50-day simple moving average is $10.50 and its 200 day simple moving average is $13.25. Shoals Technologies Group has a fifty-two week low of $7.27 and a fifty-two week high of $28.34. The company has a quick ratio of 1.88, a current ratio of 2.45 and a debt-to-equity ratio of 0.33.

Shoals Technologies Group (NASDAQ:SHLS) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $131.89 million.

Institutional Investors Weigh In On Shoals Technologies Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. William Blair Investment Management LLC grew its holdings in shares of Shoals Technologies Group by 71.6% during the 1st quarter. William Blair Investment Management LLC now owns 10,221,644 shares of the company’s stock worth $114,278,000 after purchasing an additional 4,263,964 shares in the last quarter. Wellington Management Group LLP increased its position in Shoals Technologies Group by 28.5% in the 4th quarter. Wellington Management Group LLP now owns 12,910,322 shares of the company’s stock valued at $200,626,000 after acquiring an additional 2,864,879 shares in the last quarter. Norges Bank bought a new position in Shoals Technologies Group in the 4th quarter valued at $31,416,000. Handelsbanken Fonder AB increased its position in Shoals Technologies Group by 301.5% in the fourth quarter. Handelsbanken Fonder AB now owns 2,522,892 shares of the company’s stock worth $39,206,000 after purchasing an additional 1,894,560 shares during the period. Finally, JPMorgan Chase & Co. raised 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 buying an additional 1,402,419 shares during 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.