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

Shoals Technologies Group (NASDAQ:SHLS) announced 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 for the quarter, compared to analyst estimates of $102.16 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue was down 17.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.12 EPS.

Shoals Technologies Group Stock Down 11.0 %

Shares of SHLS traded down $0.39 during midday trading on Friday, reaching $3.11. 6,091,526 shares of the company were exchanged, compared to its average volume of 6,631,168. Shoals Technologies Group has a 1-year low of $3.10 and a 1-year high of $13.82. The stock has a 50-day moving average price of $4.87 and a 200-day moving average price of $5.15. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market cap of $517.60 million, a price-to-earnings ratio of 15.43, a P/E/G ratio of 0.52 and a beta of 1.62.

Analyst Upgrades and Downgrades

Several analysts have weighed in on SHLS shares. The Goldman Sachs Group lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday. UBS Group lowered their target price 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 Wednesday. JPMorgan Chase & Co. reduced their price target on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Thursday, January 23rd. Mizuho lowered their price objective on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Finally, Barclays reduced their target price on Shoals Technologies Group from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Shoals Technologies Group has an average rating of “Hold” and a consensus target price of $8.95.

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.