Northland Capmk Weighs in on Shoals Technologies Group, Inc.’s Q4 2023 Earnings (NASDAQ:SHLS)

Shoals Technologies Group, Inc. (NASDAQ:SHLS) – Research analysts at Northland Capmk upped their Q4 2023 earnings per share estimates for shares of Shoals Technologies Group in a research note issued on Wednesday, November 15th. Northland Capmk analyst D. Schafer now forecasts that the company will earn $0.18 per share for the quarter, up from their previous estimate of $0.13. The consensus estimate for Shoals Technologies Group’s current full-year earnings is $0.52 per share. Northland Capmk also issued estimates for Shoals Technologies Group’s FY2024 earnings at $0.79 EPS.

Other research analysts have also recently issued research reports about the company. Northland Securities cut Shoals Technologies Group from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $26.00 to $18.00 in a research report on Thursday, October 5th. JPMorgan Chase & Co. lowered their price objective on Shoals Technologies Group from $38.00 to $32.00 and set an “overweight” rating on the stock in a research report on Thursday, October 19th. BNP Paribas started coverage on Shoals Technologies Group in a research report on Friday, October 20th. They set an “outperform” rating and a $33.00 price objective on the stock. Barclays increased their price objective on Shoals Technologies Group from $19.00 to $20.00 and gave the stock an “underweight” rating in a research report on Friday, August 4th. Finally, Truist Financial lowered their price objective on Shoals Technologies Group from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.07.

Shoals Technologies Group Stock Down 3.3 %

SHLS opened at $14.85 on Monday. Shoals Technologies Group has a 1-year low of $12.11 and a 1-year high of $32.43. The stock’s fifty day simple moving average is $16.94 and its 200 day simple moving average is $21.07. The company has a current ratio of 2.54, a quick ratio of 1.82 and a debt-to-equity ratio of 0.36. The stock has a market cap of $2.53 billion, a PE ratio of 17.47 and a beta of 2.11.

Hedge Funds Weigh In On Shoals Technologies Group

A number of large investors have recently modified their holdings of the company. ProShare Advisors LLC grew its position in Shoals Technologies Group by 52.1% during the 1st quarter. ProShare Advisors LLC now owns 27,760 shares of the company’s stock worth $633,000 after acquiring an additional 9,503 shares during the last quarter. Assenagon Asset Management S.A. grew its position in Shoals Technologies Group by 19.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 13,427 shares of the company’s stock worth $343,000 after acquiring an additional 2,167 shares during the last quarter. Van ECK Associates Corp grew its position in Shoals Technologies Group by 3.7% during the 2nd quarter. Van ECK Associates Corp now owns 172,067 shares of the company’s stock worth $4,398,000 after acquiring an additional 6,192 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Shoals Technologies Group by 160.7% in the 1st quarter. Wellington Management Group LLP now owns 5,942,954 shares of the company’s stock worth $135,440,000 after buying an additional 3,663,343 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Shoals Technologies Group by 8.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 602,385 shares of the company’s stock worth $15,397,000 after buying an additional 47,380 shares during the last quarter.

Insider Transactions at Shoals Technologies Group

In related news, General Counsel Mehgan Peetz sold 1,990 shares of the stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $21.58, for a total transaction of $42,944.20. Following the sale, the general counsel now owns 81,385 shares of the company’s stock, valued at approximately $1,756,288.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Shoals Technologies Group news, General Counsel Mehgan Peetz sold 1,990 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $21.58, for a total value of $42,944.20. Following the sale, the general counsel now owns 81,385 shares of the company’s stock, valued at approximately $1,756,288.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Jeffery Tolnar sold 1,975 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $21.66, for a total value of $42,778.50. Following the completion of the sale, the president now directly owns 62,654 shares in the company, valued at approximately $1,357,085.64. The disclosure for this sale can be found here. 1.67% of the stock is owned by corporate insiders.

About Shoals Technologies Group

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.