FY2023 Earnings Estimate for Shoals Technologies Group, Inc. (NASDAQ:SHLS) Issued By Northland Capmk

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Northland Capmk lifted their FY2023 earnings per share estimates for shares of Shoals Technologies Group in a report released on Wednesday, November 15th. Northland Capmk analyst D. Schafer now forecasts that the company will earn $0.58 per share for the year, up from their previous estimate of $0.48. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.51 per share. Northland Capmk also issued estimates for Shoals Technologies Group’s Q1 2024 earnings at $0.15 EPS, Q2 2024 earnings at $0.18 EPS, Q3 2024 earnings at $0.22 EPS, Q4 2024 earnings at $0.22 EPS and FY2025 earnings at $1.00 EPS.

SHLS has been the subject of several other research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $28.00 price objective on shares of Shoals Technologies Group in a research report on Wednesday, November 8th. Piper Sandler raised Shoals Technologies Group from a “neutral” rating to an “overweight” rating and set a $28.00 price objective for the company in a research report on Friday, October 6th. Citigroup cut their price objective on Shoals Technologies Group from $34.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday, October 18th. Morgan Stanley cut their price target on Shoals Technologies Group from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Tuesday, October 17th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $42.00 price target on shares of Shoals Technologies Group in a report on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Shoals Technologies Group has a consensus rating of “Moderate Buy” and a consensus target price of $28.07.

Shoals Technologies Group Price Performance

NASDAQ SHLS opened at $15.35 on Friday. Shoals Technologies Group has a twelve month low of $12.11 and a twelve month high of $32.43. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.82 and a current ratio of 2.54. The stock has a market capitalization of $2.61 billion, a PE ratio of 18.06 and a beta of 2.11. The stock has a 50-day simple moving average of $17.06 and a 200 day simple moving average of $21.07.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of the business. Raymond James & Associates boosted its position in Shoals Technologies Group by 1.1% in the 1st quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock valued at $1,550,000 after buying an additional 1,034 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Shoals Technologies Group by 2.7% in the 1st quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock valued at $5,813,000 after buying an additional 9,067 shares during the last quarter. US Bancorp DE boosted its position in Shoals Technologies Group by 700.2% in the 1st quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after buying an additional 5,644 shares during the last quarter. Bank of Montreal Can raised its stake in Shoals Technologies Group by 41.1% during the 1st quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock worth $597,000 after buying an additional 9,691 shares during the period. Finally, MetLife Investment Management LLC acquired a new stake in Shoals Technologies Group during the 1st quarter worth $36,000.

Insider Transactions at Shoals Technologies Group

In other news, General Counsel Mehgan Peetz sold 1,990 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total value of $42,944.20. Following the completion of the transaction, the general counsel now directly owns 81,385 shares of the company’s stock, valued at approximately $1,756,288.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, General Counsel Mehgan Peetz sold 1,990 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.58, for a total transaction of $42,944.20. Following the sale, the general counsel now directly owns 81,385 shares in the company, valued at approximately $1,756,288.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Jeffery Tolnar sold 1,975 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $21.66, for a total value of $42,778.50. Following the sale, the president now owns 62,654 shares in the company, valued at $1,357,085.64. The disclosure for this sale can be found here. 1.67% of the stock is currently owned by insiders.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications in the United States. It produces EBOS components, including cable assemblies, inline fuses, combiners, disconnects, recombiners, wireless monitoring systems, junction boxes, transition enclosures, splice boxes, and wire management solutions.