Shoals Technologies Group (NASDAQ:SHLS) Announces Earnings Results, Misses Expectations By $0.02 EPS

Shoals Technologies Group (NASDAQ:SHLS) posted its earnings results on Tuesday. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate 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 net margin of 7.78% and a return on equity of 9.83%. The business’s revenue was down 23.8% compared to the same quarter last year. During the same quarter in the previous 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 Stock Up 5.5 %

Shoals Technologies Group stock opened at $5.22 on Friday. Shoals Technologies Group has a 52-week low of $4.64 and a 52-week high of $17.50. The firm has a 50 day moving average price of $5.56 and a two-hundred day moving average price of $6.24. The firm has a market cap of $869.91 million, a price-to-earnings ratio of 26.10, a PEG ratio of 0.73 and a beta of 1.73. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.50 and a current ratio of 2.08.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SHLS shares. Truist Financial decreased their price objective on shares of Shoals Technologies Group from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, September 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $12.00 price target on shares of Shoals Technologies Group in a research note on Tuesday, September 17th. Piper Sandler increased their price target on Shoals Technologies Group from $8.00 to $10.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. BNP Paribas downgraded shares of Shoals Technologies Group from an “outperform” rating to a “neutral” rating and cut their target price for the company from $15.00 to $7.00 in a research note on Wednesday, August 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $11.00 price objective on shares of Shoals Technologies Group in a research report on Friday, September 6th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and an average target price 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.