Shoals Technologies Group (NASDAQ:SHLS) Announces Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Shoals Technologies Group (NASDAQ:SHLS) released its quarterly earnings data on Wednesday. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01), Briefing.com reports. The business had revenue of $107.00 million during the quarter, compared to analysts’ expectations of $102.16 million. Shoals Technologies Group had a net margin of 7.78% and a return on equity of 9.83%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.12 earnings per share.

Shoals Technologies Group Price Performance

NASDAQ:SHLS traded down $0.04 during mid-day trading on Wednesday, reaching $4.24. The stock had a trading volume of 974,269 shares, compared to its average volume of 6,489,734. The stock has a market capitalization of $705.97 million, a P/E ratio of 21.18, a P/E/G ratio of 0.52 and a beta of 1.62. The firm has a 50 day moving average price of $4.90 and a two-hundred day moving average price of $5.17. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.36 and a current ratio of 2.08. Shoals Technologies Group has a one year low of $3.73 and a one year high of $16.19.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SHLS. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating for the company in a research report on Thursday, January 23rd. Wolfe Research assumed coverage on Shoals Technologies Group in a research note on Tuesday, February 18th. They issued a “peer perform” rating for the company. Guggenheim decreased their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. The Goldman Sachs Group cut their price objective on shares of Shoals Technologies Group from $9.00 to $8.00 and set a “buy” rating for the company in a research report on Wednesday, January 22nd. Finally, Truist Financial reduced their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $9.48.

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.