In the latest trading session, 0.35 million Shoals Technologies Group Inc (NASDAQ:SHLS) shares changed hands as the company’s beta touched 1.96. With the company’s most recent per share price at $14.83 changed hands at -$0.02 or -0.13% at last look, the market valuation stands at $2.52B. SHLS’s current price is a discount, trading about -118.68% off its 52-week high of $32.43. The share price had its 52-week low at $12.11, which suggests the last value was 18.34% up since then. When we look at Shoals Technologies Group Inc’s average trading volume, we note the 10-day average is 4.79 million shares, with the 3-month average coming to 3.32 million.
Analysts gave the Shoals Technologies Group Inc (SHLS) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 1.65. If we narrow down to specifics, the data shows that 1 out of 17 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 2 recommended SHLS as a Hold, 13 felt it is a Buy and 1 rated the stock as Underweight. Shoals Technologies Group Inc’s EPS for the current quarter is expected to be $0.18.
Shoals Technologies Group Inc (NASDAQ:SHLS) trade information
Instantly SHLS was in red as seen in intraday trades today. With action 9.61%, the performance over the past five days has been green. The drop to weekly highs of 16.36 on Friday, 11/17/23 subtracted -0.13% to the stock’s daily price. The company’s shares are showing year-to-date downside of -39.89%, with the 5-day performance at 9.61% in the green. However, in the 30-day time frame, Shoals Technologies Group Inc (NASDAQ:SHLS) is -1.98% down. Looking at the short shares, we see there were 22.33 million shares sold at short interest cover period of 5.76 days.
The consensus price target for the stock as assigned by Wall Street analysts is $26.81, meaning bulls need an upside of 44.68% from its recent market value. According to analyst projections, SHLS’s forecast low is $17.00 with $42.00 as the target high. To hit the forecast high, the stock’s price needs a -183.21% plunge from its current level, while the stock would need to soar -14.63% for it to hit the projected low.
Shoals Technologies Group Inc (SHLS) estimates and forecasts
Data shows that the Shoals Technologies Group Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -38.62% over the past 6 months, a 78.38% in annual growth rate that is considerably higher than the industry average of 22.50%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Shoals Technologies Group Inc will rise 20.00%, while the growth in revenue is estimated to hit 28.60% for the next quarter. Year-over-year growth is forecast to reach 49.90% up from the last financial year.
Consensus estimates given by 12 financial analysts project the company’s revenue in the current quarter to hit an average of $132.28 million. 9 analysts are of the opinion that Shoals Technologies Group Inc’s revenue for the quarter ending Mar 2024 will be $138.29 million. The company’s revenue for the corresponding quarters a year ago was $94.65 million and $105.09 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 39.80%. The estimates for the next quarter sales put growth at 31.60%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 66.11%. The 2023 estimates are for Shoals Technologies Group Inc earnings to increase by 76.09%, but the outlook for the next 5-year period is at 36.80% per year.
Shoals Technologies Group Inc is expected to release its next quarterly earnings report on November 07.
Shoals Technologies Group Inc (NASDAQ:SHLS)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 3.43% of Shoals Technologies Group Inc shares while 109.89% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 113.79%. There are 109.89% institutions holding the Shoals Technologies Group Inc stock share, with Blackrock Inc. the top institutional holder. As of Sep 29, 2023, the company held 11.13% of the shares, roughly 18.93 million SHLS shares worth $279.27 million.
Vanguard Group Inc holds the second largest percentage of outstanding shares, with 9.49% or 16.13 million shares worth $237.99 million as of Sep 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Explorer Fund, Inc. With 5.24 million shares estimated at $77.3 million under it, the former controlled 3.08% of total outstanding shares. On the other hand, Vanguard Explorer Fund, Inc. held about 2.63% of the shares, roughly 4.47 million shares worth around $65.86 million.