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

Posted by Defense World Staff on Jul 13th, 2023

Shoals Technologies Group, Inc. (NASDAQ:SHLS – Free Report) – Research analysts at Cantor Fitzgerald issued their FY2024 EPS estimates for shares of Shoals Technologies Group in a research note issued on Tuesday, July 11th. Cantor Fitzgerald analyst D. Soderberg anticipates that the company will earn $0.70 per share for the year. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.49 per share.

Shoals Technologies Group (NASDAQ:SHLS – Get Free Report) last released its earnings results on Monday, May 8th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.08 by $0.04. Shoals Technologies Group had a net margin of 38.26% and a return on equity of 29.36%. The company had revenue of $105.09 million during the quarter, compared to analysts’ expectations of $98.64 million.

A number of other research analysts have also recently commented on the stock. The Goldman Sachs Group raised shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $20.00 to $22.00 in a research report on Thursday, March 30th. Guggenheim upgraded shares of Shoals Technologies Group from a “neutral” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Tuesday, May 9th. Morgan Stanley dropped their target price on shares of 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. Northland Securities raised shares of Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 price objective on the stock in a report on Tuesday, May 9th. Finally, Barclays lowered shares of Shoals Technologies Group from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $27.00 to $19.00 in a research report on Tuesday, May 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $31.63.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $24.50 on Wednesday. Shoals Technologies Group has a 12 month low of $13.92 and a 12 month high of $32.43. The company has a 50-day simple moving average of $23.91 and a 200-day simple moving average of $23.96. The company has a market cap of $4.16 billion, a PE ratio of 26.92 and a beta of 2.06. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.83 and a quick ratio of 1.69.

Institutional Trading of Shoals Technologies Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citigroup Inc. boosted its holdings in Shoals Technologies Group by 1.9% during the 1st quarter. Citigroup Inc. now owns 27,663 shares of the company’s stock valued at $630,000 after acquiring an additional 526 shares during the period. Vahanian & Associates Financial Planning Inc. lifted its holdings in Shoals Technologies Group by 2.2% in the 1st quarter. Vahanian & Associates Financial Planning Inc. now owns 26,097 shares of the company’s stock worth $595,000 after buying an additional 550 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Shoals Technologies Group by 0.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 249,812 shares of the company’s stock worth $5,693,000 after buying an additional 628 shares during the period. ETF Managers Group LLC lifted its holdings in Shoals Technologies Group by 1.5% in the 1st quarter. ETF Managers Group LLC now owns 42,361 shares of the company’s stock worth $965,000 after buying an additional 632 shares during the period. Finally, Green Alpha Advisors LLC lifted its stake in shares of Shoals Technologies Group by 1.7% in the 2nd quarter. Green Alpha Advisors LLC now owns 42,441 shares of the company’s stock valued at $1,085,000 after purchasing an additional 718 shares during the period.

Insider Transactions at Shoals Technologies Group

In related news, General Counsel Mehgan Peetz sold 7,279 shares of Shoals Technologies Group stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $24.78, for a total transaction of $180,373.62. Following the transaction, the general counsel now owns 83,375 shares of the company’s stock, valued at $2,066,032.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by corporate insiders.

About Shoals Technologies Group

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Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle charging applications 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, and wire management solutions.