Shoals Technologies Group (NASDAQ:SHLS) Releases Earnings Results

Shoals Technologies Group (NASDAQ:SHLS) issued its quarterly earnings results on Tuesday. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02), Briefing.com reports. The business had revenue of $102.20 million for the quarter, compared to analyst estimates of $98.86 million. Shoals Technologies Group had a return on equity of 12.75% and a net margin of 5.13%. Shoals Technologies Group’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. Shoals Technologies Group updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Shoals Technologies Group Price Performance

NASDAQ SHLS traded up $0.28 on Wednesday, hitting $5.13. The stock had a trading volume of 1,155,975 shares, compared to its average volume of 4,945,032. Shoals Technologies Group has a 52-week low of $4.64 and a 52-week high of $17.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.50 and a current ratio of 2.26. The company has a market capitalization of $854.91 million, a price-to-earnings ratio of 36.79, a price-to-earnings-growth ratio of 0.85 and a beta of 1.73. The firm has a 50-day moving average of $5.59 and a 200-day moving average of $6.25.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several recent analyst reports. JPMorgan Chase & Co. dropped their target price 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. Cantor Fitzgerald reiterated an “overweight” rating and set a $12.00 price objective on shares of Shoals Technologies Group in a report on Tuesday, September 17th. Piper Sandler upped their price objective on shares of Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. UBS Group dropped their price objective on shares of Shoals Technologies Group from $12.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, Citigroup upgraded shares of Shoals Technologies Group from a “sell” rating to a “neutral” rating and upped their price objective for the company from $5.00 to $5.50 in a report on Thursday, October 3rd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.55.

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.