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Shoals Technologies Group Inc (NASDAQ: SHLS)’s Potential for Significant Price Increase in the Near Future

In the last trading session, 4.26 million Shoals Technologies Group Inc (NASDAQ:SHLS) shares changed hands as the company’s beta touched 1.93. With the company’s per share price at $17.02 changed hands at $0.52 or 3.15% during last session, the market valuation stood at $2.89B. SHLS’s last price was a discount, traded about -66.51% off its 52-week high of $28.34. The share price had its 52-week low at $12.11, which suggests the last value was 28.85% up since then. When we look at Shoals Technologies Group Inc’s average trading volume, we note the 10-day average is 3.97 million shares, with the 3-month average coming to 1.21.

Shoals Technologies Group Inc (NASDAQ:SHLS) trade information

Instantly SHLS was in green as seen at the end of in last trading. With action 20.45%, the performance over the past five days has been green. The jump to weekly highs of 17.50 added 3.15% to the stock’s daily price. The company’s shares are showing year-to-date upside of 9.52%, with the 5-day performance at 20.45% in the green. However, in the 30-day time frame, Shoals Technologies Group Inc (NASDAQ:SHLS) is 24.23% up. Looking at the short shares, we see there were 27.21 million shares sold at short interest cover period of 8.57 days.

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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 -21.39% over the past 6 months, a 78.38% in annual growth rate that is considerably higher than the industry average of 7.20%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Shoals Technologies Group Inc will rise 13.30%, while the growth in revenue is estimated to hit 21.40% for the next quarter. Year-over-year growth is forecast to reach 50.00% up from the last financial year.

Consensus estimates given by 16 financial analysts project the company’s revenue in the current quarter to hit an average of $132 million. 13 analysts are of the opinion that Shoals Technologies Group Inc’s revenue for the quarter ending Mar 2024 will be $134.53 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 39.50%. The estimates for the next quarter sales put growth at 28.00%.

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 2024 estimates are for Shoals Technologies Group Inc earnings to increase by 79.79%, but the outlook for the next 5-year period is at 33.30% per year.

SHLS Dividends

Shoals Technologies Group Inc is expected to release its next quarterly earnings report on February 28.

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

If we look at who the major shareholders are, we find that insiders hold 3.41% of Shoals Technologies Group Inc shares while 117.20% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 121.34%. There are 117.20% institutions holding the Shoals Technologies Group Inc stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 11.27% of the shares, roughly 19.15 million SHLS shares worth $489.38 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 9.51% or 16.17 million shares worth $413.29 million as of Jun 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 $133.95 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 $115.92 million.

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