Q4 2022 EPS Estimates for Shoals Technologies Group, Inc. Lowered by Oppenheimer (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLSGet Rating) – Research analysts at Oppenheimer cut their Q4 2022 earnings per share (EPS) estimates for shares of Shoals Technologies Group in a research note issued on Tuesday, November 15th. Oppenheimer analyst C. Rusch now forecasts that the company will earn $0.06 per share for the quarter, down from their prior forecast of $0.07. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.22 per share. Oppenheimer also issued estimates for Shoals Technologies Group’s FY2023 earnings at $0.61 EPS.

Shoals Technologies Group (NASDAQ:SHLSGet Rating) last issued its quarterly earnings results on Monday, August 15th. The company reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.01). Shoals Technologies Group had a net margin of 3.08% and a negative return on equity of 709.22%. The firm had revenue of $73.49 million for the quarter, compared to analysts’ expectations of $72.89 million. During the same period in the prior year, the company earned $0.08 EPS. The firm’s quarterly revenue was up 23.1% on a year-over-year basis.

A number of other research analysts have also weighed in on SHLS. Truist Financial lifted their price objective on shares of Shoals Technologies Group from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, August 16th. Credit Suisse Group dropped their price objective on Shoals Technologies Group from $25.00 to $20.00 and set an “outperform” rating on the stock in a report on Monday, July 25th. Northland Securities raised Shoals Technologies Group from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Tuesday. Guggenheim downgraded shares of Shoals Technologies Group from a “buy” rating to a “neutral” rating in a report on Friday, September 9th. They noted that the move was a valuation call. Finally, Barclays boosted their price objective on shares of Shoals Technologies Group from $25.00 to $30.00 and gave the company an “equal weight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $30.93.

Shoals Technologies Group Stock Performance

NASDAQ SHLS opened at $31.16 on Thursday. The firm has a market cap of $5.21 billion, a P/E ratio of 346.26 and a beta of 2.01. The company has a quick ratio of 1.66, a current ratio of 2.83 and a debt-to-equity ratio of 32.54. The company’s 50 day moving average is $22.46 and its 200-day moving average is $20.21. Shoals Technologies Group has a 12-month low of $9.58 and a 12-month high of $34.49.

Institutional Investors Weigh In On Shoals Technologies Group

Several hedge funds have recently added to or reduced their stakes in SHLS. Values First Advisors Inc. lifted its stake in Shoals Technologies Group by 65.2% during the first quarter. Values First Advisors Inc. now owns 20,129 shares of the company’s stock worth $343,000 after purchasing an additional 7,947 shares during the last quarter. Sandy Spring Bank lifted its stake in shares of Shoals Technologies Group by 39.7% in the 1st quarter. Sandy Spring Bank now owns 61,290 shares of the company’s stock valued at $1,044,000 after acquiring an additional 17,405 shares during the last quarter. abrdn plc lifted its stake in shares of Shoals Technologies Group by 211.2% in the 1st quarter. abrdn plc now owns 415,657 shares of the company’s stock valued at $7,346,000 after acquiring an additional 282,108 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Shoals Technologies Group by 22.2% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 4,400 shares of the company’s stock valued at $75,000 after acquiring an additional 800 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Shoals Technologies Group by 36.7% in the 1st quarter. Victory Capital Management Inc. now owns 117,760 shares of the company’s stock valued at $1,175,000 after acquiring an additional 31,626 shares during the last quarter. Institutional investors own 63.34% of the company’s stock.

Insider Activity

In related news, CEO Jason R. Whitaker sold 8,333 shares of the company’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $25.22, for a total value of $210,158.26. Following the completion of the transaction, the chief executive officer now directly owns 688,828 shares in the company, valued at $17,372,242.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 2,034 shares of Shoals Technologies Group stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $24.87, for a total transaction of $50,585.58. Following the completion of the sale, the general counsel now owns 90,395 shares of the company’s stock, valued at $2,248,123.65. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jason R. Whitaker sold 8,333 shares of Shoals Technologies Group stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $25.22, for a total value of $210,158.26. Following the sale, the chief executive officer now directly owns 688,828 shares of the company’s stock, valued at approximately $17,372,242.16. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,070 shares of company stock worth $354,208. 1.67% of the stock is currently owned by corporate insiders.

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.

Further Reading

Earnings History and Estimates for Shoals Technologies Group (NASDAQ:SHLS)

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