Cantor Fitzgerald Has Weak Forecast for SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Investment analysts at Cantor Fitzgerald lowered their FY2024 earnings per share (EPS) estimates for shares of Shoals Technologies Group in a research report issued on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will earn $0.27 per share for the year, down from their previous forecast of $0.29. Cantor Fitzgerald has a “Overweight” rating and a $12.00 price target 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 released its earnings results on Tuesday, November 12th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.02). The company had revenue of $102.20 million for the quarter, compared to analysts’ expectations of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS.

Several other brokerages have also recently commented on SHLS. Royal Bank of Canada restated an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research note on Friday, September 6th. JPMorgan Chase & Co. lowered their price target on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Oppenheimer reduced their price objective on Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. BNP Paribas downgraded Shoals Technologies Group from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $7.00 in a research note on Wednesday, August 7th. Finally, Morgan Stanley dropped their target price on Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $11.92.

Shoals Technologies Group Price Performance

Shares of NASDAQ SHLS opened at $4.56 on Friday. Shoals Technologies Group has a 52 week low of $4.53 and a 52 week high of $17.50. The business’s 50 day moving average price is $5.54 and its 200 day moving average price is $6.19. The company has a quick ratio of 1.50, a current ratio of 2.08 and a debt-to-equity ratio of 0.26. The firm has a market cap of $759.91 million, a P/E ratio of 22.80, a P/E/G ratio of 0.73 and a beta of 1.73.

Hedge Funds Weigh In On Shoals Technologies Group

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its stake 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 worth $2,068,000 after purchasing an additional 1,857 shares during the last quarter. FMR LLC boosted its position in Shoals Technologies Group by 48.9% during the third quarter. FMR LLC now owns 5,806 shares of the company’s stock worth $33,000 after acquiring an additional 1,906 shares during the last quarter. ProShare Advisors LLC grew its stake in Shoals Technologies Group by 6.3% during the 1st quarter. ProShare Advisors LLC now owns 41,051 shares of the company’s stock valued at $459,000 after acquiring an additional 2,427 shares in the last quarter. Van ECK Associates Corp raised its holdings in Shoals Technologies Group by 1.9% in the 3rd quarter. Van ECK Associates Corp now owns 131,808 shares of the company’s stock valued at $739,000 after acquiring an additional 2,517 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Shoals Technologies Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 101,623 shares of the company’s stock worth $637,000 after purchasing an additional 3,699 shares in 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.