Cantor Fitzgerald Comments on Shoals Technologies Group, Inc.’s FY2024 Earnings (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Research analysts at Cantor Fitzgerald dropped their FY2024 earnings per share (EPS) estimates for Shoals Technologies Group in a research report issued on Monday, August 26th. Cantor Fitzgerald analyst D. Soderberg now forecasts that the company will earn $0.29 per share for the year, down from their previous forecast of $0.44. 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 $0.32 per share.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, August 6th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02. Shoals Technologies Group had a net margin of 5.13% and a return on equity of 12.75%. The business had revenue of $99.25 million for the quarter, compared to analysts’ expectations of $90.57 million. During the same period in the prior year, the company posted $0.12 EPS. The business’s revenue for the quarter was down 16.7% compared to the same quarter last year.

Several other equities analysts have also recently commented on SHLS. Northland Capmk cut Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 8th. Piper Sandler cut their price objective on Shoals Technologies Group from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Truist Financial reaffirmed a “buy” rating and issued a $10.00 target price (down from $12.00) on shares of Shoals Technologies Group in a research note on Wednesday, August 7th. Royal Bank of Canada dropped their target price on shares of Shoals Technologies Group from $15.00 to $13.00 and set an “outperform” rating for the company in a research report on Monday, July 8th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Shoals Technologies Group from $23.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average price target of $11.76.

Shoals Technologies Group Trading Up 3.7 %

Shoals Technologies Group stock opened at $5.34 on Wednesday. The stock has a market cap of $910.04 million, a P/E ratio of 29.67, a PEG ratio of 0.67 and a beta of 1.76. Shoals Technologies Group has a fifty-two week low of $4.88 and a fifty-two week high of $22.40. The firm’s fifty day moving average price is $6.00 and its 200-day moving average price is $8.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26.

Hedge Funds Weigh In On Shoals Technologies Group

Large investors have recently bought and sold shares of the stock. Capstone Investment Advisors LLC raised its stake in shares of Shoals Technologies Group by 1.7% during the fourth quarter. Capstone Investment Advisors LLC now owns 75,000 shares of the company’s stock valued at $1,166,000 after acquiring an additional 1,237 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Shoals Technologies Group by 14.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 11,633 shares of the company’s stock valued at $181,000 after purchasing an additional 1,429 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Shoals Technologies Group by 1.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 184,913 shares of the company’s stock valued at $2,068,000 after purchasing an additional 1,857 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Shoals Technologies Group by 10.6% in the 4th quarter. Principal Financial Group Inc. now owns 19,839 shares of the company’s stock worth $308,000 after buying an additional 1,898 shares during the period. Finally, Commerce Bank grew its position in shares of Shoals Technologies Group by 12.8% in the 4th quarter. Commerce Bank now owns 18,038 shares of the company’s stock worth $280,000 after buying an additional 2,045 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.