Cantor Fitzgerald Has Negative View of SHLS FY2024 Earnings

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Equities research analysts at Cantor Fitzgerald decreased their FY2024 earnings per share (EPS) estimates for shares of Shoals Technologies Group in a note issued to investors on Wednesday, November 13th. Cantor Fitzgerald analyst D. Soderberg now anticipates that the company will post earnings per share of $0.27 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.

Several other equities analysts have also issued reports on SHLS. BNP Paribas lowered shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $15.00 to $7.00 in a report on Wednesday, August 7th. Roth Capital lowered Shoals Technologies Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Roth Mkm decreased their target price on Shoals Technologies Group from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, September 6th. Barclays dropped their price target on Shoals Technologies Group from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday. Three analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $11.92.

Shoals Technologies Group Stock Down 12.6 %

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 company has a debt-to-equity ratio of 0.26, a quick ratio of 1.50 and a current ratio of 2.08. The company’s 50 day moving average price is $5.54 and its 200-day moving average price is $6.21. The company has a market capitalization of $759.91 million, a P/E ratio of 22.80, a price-to-earnings-growth ratio of 0.73 and a beta of 1.73.

Shoals Technologies Group (NASDAQ:SHLS) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. Shoals Technologies Group’s revenue was down 23.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Shoals Technologies Group by 48.9% in the third quarter. FMR LLC now owns 5,806 shares of the company’s stock valued at $33,000 after acquiring an additional 1,906 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Shoals Technologies Group during the 1st quarter worth approximately $92,000. 1620 Investment Advisors Inc. bought a new stake in shares of Shoals Technologies Group in the 2nd quarter worth approximately $54,000. Mackenzie Financial Corp purchased a new position in shares of Shoals Technologies Group during the 2nd quarter valued at $64,000. Finally, Paloma Partners Management Co purchased a new stake in Shoals Technologies Group during the first quarter valued at about $115,000.

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.