Shoals Technologies Group, Inc. to Post FY2023 Earnings of $0.53 Per Share, Oppenheimer Forecasts (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS – Get Rating) – Equities researchers at Oppenheimer reduced their FY2023 earnings estimates for shares of Shoals Technologies Group in a research report issued on Wednesday, March 1st. Oppenheimer analyst C. Rusch now forecasts that the company will earn $0.53 per share for the year, down from their prior estimate of $0.61. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.53 per share.

A number of other analysts also recently weighed in on SHLS. TheStreet downgraded shares of Shoals Technologies Group from a “c-” rating to a “d+” rating in a report on Thursday, February 9th. Truist Financial increased their price objective on shares of Shoals Technologies Group from $30.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, February 27th. JPMorgan Chase & Co. increased their price objective on shares of Shoals Technologies Group from $35.00 to $36.00 in a research note on Thursday, December 8th. Morgan Stanley dropped their price objective on shares of Shoals Technologies Group from $36.00 to $32.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Finally, Credit Suisse Group increased their price objective on shares of Shoals Technologies Group from $26.00 to $29.00 and gave the company an “outperform” rating in a research note on Tuesday, January 17th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.03.

Shoals Technologies Group Stock Performance

Shares of Shoals Technologies Group stock opened at $25.62 on Monday. The company has a 50 day moving average of $25.81 and a 200-day moving average of $24.85. Shoals Technologies Group has a 1-year low of $9.58 and a 1-year high of $32.43. The company has a current ratio of 2.92, a quick ratio of 1.45 and a debt-to-equity ratio of 0.79. The company has a market cap of $4.29 billion, a PE ratio of 30.87 and a beta of 2.17.

Insider Transactions at Shoals Technologies Group

In other news, major shareholder Dean Solon sold 564,668 shares of the stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $21.47, for a total transaction of $12,123,421.96. Following the completion of the sale, the insider now directly owns 62,500 shares in the company, valued at $1,341,875. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, major shareholder Dean Solon sold 564,668 shares of the stock in a transaction on Tuesday, December 6th. The shares were sold at an average price of $21.47, for a total transaction of $12,123,421.96. Following the completion of the sale, the insider now directly owns 62,500 shares in the company, valued at $1,341,875. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jason R. Whitaker sold 6,009 shares of the stock in a transaction on Friday, February 10th. The stock was sold at an average price of $24.43, for a total transaction of $146,799.87. Following the sale, the chief executive officer now owns 477,011 shares of the company’s stock, valued at $11,653,378.73. The disclosure for this sale can be found here. Insiders sold a total of 631,854 shares of company stock worth $13,924,623 over the last three months. 1.67% of the stock is owned by company insiders.

Institutional Investors Weigh In On Shoals Technologies Group

A number of large investors have recently bought and sold shares of SHLS. William Blair Investment Management LLC acquired a new stake in Shoals Technologies Group in the second quarter worth $88,878,000. Alliancebernstein L.P. grew its holdings in Shoals Technologies Group by 4,053.2% in the fourth quarter. Alliancebernstein L.P. now owns 5,254,717 shares of the company’s stock worth $129,634,000 after purchasing an additional 5,128,195 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Shoals Technologies Group in the second quarter worth $52,245,000. Norges Bank acquired a new stake in Shoals Technologies Group in the fourth quarter worth $46,964,000. Finally, Capital Research Global Investors grew its holdings in Shoals Technologies Group by 107.7% in the first quarter. Capital Research Global Investors now owns 3,466,612 shares of the company’s stock worth $59,071,000 after purchasing an additional 1,797,637 shares during the period. 81.94% of the stock is currently owned by institutional investors and hedge funds.

About Shoals Technologies Group

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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.