Brokers Offer Predictions for Shoals Technologies Group, Inc.’s Q2 2024 Earnings (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Research analysts at Northland Capmk cut their Q2 2024 earnings per share (EPS) estimates for Shoals Technologies Group in a report released on Friday, May 3rd. Northland Capmk analyst D. Schafer now expects that the company will post earnings of $0.12 per share for the quarter, down from their prior estimate 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 released its quarterly earnings data on Wednesday, February 28th. The company reported $0.11 EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $131.89 million.

A number of other equities research analysts have also issued reports on the company. Oppenheimer reduced their target price on Shoals Technologies Group from $42.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. UBS Group dropped their price objective on Shoals Technologies Group from $28.00 to $20.00 and set a “buy” rating for the company in a research report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $24.00 target price on shares of Shoals Technologies Group in a report on Wednesday, March 13th. Janney Montgomery Scott began coverage on shares of Shoals Technologies Group in a report on Friday, January 19th. They set a “buy” rating and a $20.00 price target for the company. Finally, Royal Bank of Canada reduced their price objective on shares of Shoals Technologies Group from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.94.

Shoals Technologies Group Stock Up 3.1 %

Shares of NASDAQ SHLS opened at $9.00 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.45 and a quick ratio of 1.88. The firm’s 50-day moving average is $10.92 and its two-hundred day moving average is $13.38. Shoals Technologies Group has a 12-month low of $8.06 and a 12-month high of $28.34. The company has a market capitalization of $1.53 billion, a PE ratio of 36.00 and a beta of 1.86.

Hedge Funds Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently bought and sold shares of SHLS. Wellington Management Group LLP increased its position 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 acquiring an additional 2,864,879 shares during the last quarter. Norges Bank acquired a new stake in shares of Shoals Technologies Group during the fourth quarter worth approximately $31,416,000. Handelsbanken Fonder AB increased its stake in shares of 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 buying an additional 1,894,560 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Shoals Technologies Group by 28.2% in the third quarter. JPMorgan Chase & Co. now owns 6,368,077 shares of the company’s stock valued at $116,217,000 after acquiring an additional 1,402,419 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in Shoals Technologies Group by 25.1% during the 3rd quarter. William Blair Investment Management LLC now owns 5,934,781 shares of the company’s stock valued at $108,310,000 after acquiring an additional 1,190,411 shares during the last quarter.

Shoals Technologies Group Company Profile

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.