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Shoals Technologies Group Inc. (NASDAQ: SHLS): Can A Stock That’s Down -4.95% YTD Still Be Considered In Loss Territory?

During the last session, Shoals Technologies Group Inc. (NASDAQ:SHLS)’s traded shares were 1.27 million. At the end of the trading day, the stock’s price was $23.45, reflecting an intraday loss of -0.89% or -$0.21. The 52-week high for the SHLS share is $32.43, that puts it down -38.29 from that peak though still a striking 40.64% gain since the share price plummeted to a 52-week low of $13.92. The company’s market capitalization is $3.96B, and the average intraday trading volume over the past 10 days was 2.85 million shares, and the average trade volume was 3.75 million shares over the past three months.

Shoals Technologies Group Inc. (SHLS) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.20. SHLS has a Sell rating from 1 analyst(s) out of 16 analysts who have looked at this stock. 5 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 10 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.13.

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Shoals Technologies Group Inc. (NASDAQ:SHLS) trade information

Shoals Technologies Group Inc. (SHLS) registered a -0.89% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -0.89% in intraday trading to $23.45 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -0.17%, and it has moved by 15.63% in 30 days. Based on these gigs, the overall price performance for the year is 57.38%. The short interest in Shoals Technologies Group Inc. (NASDAQ:SHLS) is 12.65 million shares and it means that shorts have 5.57 day(s) to cover.

The consensus price target of analysts on Wall Street is $31.53, which implies an increase of 25.63% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $19.00 and $42.00 respectively. As a result, SHLS is trading at a discount of -79.1% off the target high and 18.98% off the low.

Shoals Technologies Group Inc. (SHLS) estimates and forecasts

Statistics show that Shoals Technologies Group Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Shoals Technologies Group Inc. (SHLS) shares have gone down -22.84% during the last six months, with a year-to-date growth rate more than the industry average at 59.46% against 30.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 85.70% this quarter and then jump 60.00% in the quarter after that. In the rating firms’ projections, revenue will increase 53.40% compared to the previous financial year.

Revenue for the current quarter is expected to be $115.99 million as predicted by 12 analyst(s). Meanwhile, a consensus of 12 analyst(s) estimates revenue growth to $138.81 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $73.49 million and $90.82 million respectively. In this case, analysts expect current quarter sales to grow by 57.80% and then jump by 52.80% in the coming quarter.

While earnings are projected to return 59.50% in 2023, the next five years will return 60.65% per annum.

SHLS Dividends

Shoals Technologies Group Inc. is due to release its next quarterly earnings between August 14 and August 18. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Shoals Technologies Group Inc. (NASDAQ:SHLS)’s Major holders

Shoals Technologies Group Inc. insiders own 3.39% of total outstanding shares while institutional holders control 93.08%, with the float percentage being 96.35%. Blackrock Inc. is the largest shareholder of the company, while 413 institutions own stock in it. As of Mar 30, 2023, the company held over 16.29 million shares (or 9.59% of all shares), a total value of $371.21 million in shares.

The next largest institutional holding, with 16.0 million shares, is of Vanguard Group, Inc. (The)’s that is approximately 9.42% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $364.56 million.

Also, the Mutual Funds coming in first place with the largest holdings of Shoals Technologies Group Inc. (SHLS) shares are Invesco ETF TR II-Invesco Solar ETF and iShares Russell 2000 ETF. Data provided on Mar 30, 2023 indicates that Invesco ETF TR II-Invesco Solar ETF owns about 3.9 million shares. This amounts to just over 2.30 percent of the company’s overall shares, with a $88.94 million market value. The same data shows that the other fund manager holds slightly less at 3.04 million, or about 1.79% of the stock, which is worth about $74.56 million.

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