Shoals Technologies Group (SHLS) Scheduled to Post Quarterly Earnings on Monday

Posted by Defense World Staff on May 6th, 2023

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) will be announcing its earnings results after the market closes on Monday, May 8th. Analysts expect the company to announce earnings of $0.10 per share for the quarter. Shoals Technologies Group has set its FY 2023 guidance at EPS.Investors that wish to register for the company’s conference call can do so using this link.

Shoals Technologies Group (NASDAQ:SHLS – Get Rating) last issued its quarterly earnings data on Tuesday, February 28th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. Shoals Technologies Group had a return on equity of 59.78% and a net margin of 39.03%. The company had revenue of $94.65 million for the quarter, compared to analyst estimates of $86.29 million. On average, analysts expect Shoals Technologies Group to post $1 EPS for the current fiscal year and $1 EPS for the next fiscal year.

Shoals Technologies Group Stock Up 4.6 %

Shares of SHLS opened at $18.96 on Friday. The company has a current ratio of 2.92, a quick ratio of 1.53 and a debt-to-equity ratio of 0.79. Shoals Technologies Group has a 12 month low of $9.72 and a 12 month high of $32.43. The stock’s 50 day moving average is $22.02 and its two-hundred day moving average is $24.18. The firm has a market cap of $3.21 billion, a P/E ratio of 22.84 and a beta of 2.10.

Analyst Ratings Changes

SHLS has been the topic of several research analyst reports. Northland Securities lowered Shoals Technologies Group from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $30.00 to $27.00 in a report on Wednesday, March 1st. The Goldman Sachs Group raised Shoals Technologies Group from a “sell” rating to a “neutral” rating and raised their price objective for the company from $20.00 to $22.00 in a report on Thursday, March 30th. Morgan Stanley dropped their price objective on Shoals Technologies Group from $32.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, April 3rd. Credit Suisse Group reissued an “outperform” rating and issued a $29.00 price objective on shares of Shoals Technologies Group in a report on Monday, March 6th. Finally, Cantor Fitzgerald started coverage on Shoals Technologies Group in a research note on Wednesday, January 25th. They issued a “neutral” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group has a consensus rating of “Hold” and an average target price of $30.47.

Insider Buying and Selling

In related news, CEO Jason R. Whitaker sold 12,039 shares of Shoals Technologies Group stock in a transaction that occurred on Monday, February 13th. The stock was sold at an average price of $25.07, for a total transaction of $301,817.73. Following the transaction, the chief executive officer now owns 464,972 shares in the company, valued at $11,656,848.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Shoals Technologies Group news, CEO Jason R. Whitaker sold 3,008 shares of Shoals Technologies Group stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $24.59, for a total value of $73,966.72. Following the sale, the chief executive officer now owns 461,964 shares in the company, valued at $11,359,694.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jason R. Whitaker sold 12,039 shares of Shoals Technologies Group stock in a transaction on Monday, February 13th. The shares were sold at an average price of $25.07, for a total value of $301,817.73. Following the completion of the sale, the chief executive officer now owns 464,972 shares in the company, valued at approximately $11,656,848.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,713,191 shares of company stock worth $598,715,177. 1.67% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SHLS. Raymond James & Associates raised its position in Shoals Technologies Group by 1.1% in the first quarter. Raymond James & Associates now owns 90,966 shares of the company’s stock valued at $1,550,000 after purchasing an additional 1,034 shares during the period. Bank of New York Mellon Corp raised its position in Shoals Technologies Group by 2.7% in the first quarter. Bank of New York Mellon Corp now owns 341,154 shares of the company’s stock valued at $5,813,000 after purchasing an additional 9,067 shares during the period. US Bancorp DE raised its position in Shoals Technologies Group by 700.2% in the first quarter. US Bancorp DE now owns 6,450 shares of the company’s stock valued at $110,000 after purchasing an additional 5,644 shares during the period. Bank of Montreal Can raised its holdings in shares of Shoals Technologies Group by 41.1% in the 1st quarter. Bank of Montreal Can now owns 33,244 shares of the company’s stock valued at $597,000 after buying an additional 9,691 shares during the period. Finally, MetLife Investment Management LLC purchased a new stake in shares of Shoals Technologies Group in the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 81.94% of the company’s stock.

Shoals Technologies Group Company Profile

(Get Rating)

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions for solar energy projects 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, wire management solutions, and IV curve benchmarking devices.