Shoals Technologies Group (NASDAQ:SHLS) Issues Quarterly Earnings Results

Shoals Technologies Group (NASDAQ:SHLS) released its 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 the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.16 earnings per share. Shoals Technologies Group updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Shoals Technologies Group Stock Up 5.5 %

SHLS stock opened at $5.22 on Friday. The company’s 50-day moving average price is $5.56 and its 200 day moving average price is $6.24. The company has a market cap of $869.91 million, a P/E ratio of 26.10, a P/E/G ratio of 0.73 and a beta of 1.73. The company has a current ratio of 2.08, a quick ratio of 1.50 and a debt-to-equity ratio of 0.26. Shoals Technologies Group has a 52 week low of $4.64 and a 52 week high of $17.50.

Wall Street Analysts Forecast Growth

SHLS has been the topic of several research analyst reports. Northland Securities decreased their price objective on shares of Shoals Technologies Group from $6.00 to $4.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. JPMorgan Chase & Co. cut their price target 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. Oppenheimer reduced their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Truist Financial reduced their price target on Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Finally, Piper Sandler boosted 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. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Shoals Technologies Group currently has an average rating of “Hold” and an average price target of $12.45.

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.