Shoals Technologies Group Inc (NASDAQ: SHLS) Fall -36.64% In Six Months, Here’s What We Should Expect Now

During the last session, Shoals Technologies Group Inc (NASDAQ:SHLS)’s traded shares were 3.86 million, with the beta value of the company hitting 1.78. At the end of the trading day, the stock’s price was $10.86, reflecting an intraday gain of 1.02% or $0.11. The 52-week high for the SHLS share is $28.34, that puts it down -160.96 from that peak though still a striking 2.49% gain since the share price plummeted to a 52-week low of $10.59. The company’s market capitalization is $1.85B, and the average intraday trading volume over the past 10 days was 4.14 million shares, and the average trade volume was 3.73 million shares over the past three months.

Shoals Technologies Group Inc (NASDAQ:SHLS) trade information

Shoals Technologies Group Inc (SHLS) registered a 1.02% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 1.02% in intraday trading to $10.86, hitting a weekly high. The stock’s 5-day price performance is -2.51%, and it has moved by -16.53% in 30 days. Based on these gigs, the overall price performance for the year is -52.35%. The short interest in Shoals Technologies Group Inc (NASDAQ:SHLS) is 25.25 million shares and it means that shorts have 6.22 day(s) to cover.

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Shoals Technologies Group Inc (SHLS) estimates and forecasts

Statistics show that Shoals Technologies Group Inc has underperformed its competitors in share price, compared to the industry in which it operates. Shoals Technologies Group Inc (SHLS) shares have gone down -36.64% during the last six months, with a year-to-date growth rate less than the industry average at -7.69% against 3.60. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to shrink -57.10% this quarter and then drop -21.40% in the quarter after that. In the rating firms’ projections, revenue will increase 3.60% compared to the previous financial year.

Revenue for the current quarter is expected to be $97.69 million as predicted by 16 analyst(s). Meanwhile, a consensus of 16 analyst(s) estimates revenue growth to $111.94 million by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $105.09 million and $115.39 million respectively. In this case, analysts expect current quarter sales to shrink by -7.00% and then drop by -3.00% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 19.43%. While earnings are projected to return -7.46% in 2024, the next five years will return 15.40% per annum.

SHLS Dividends

Shoals Technologies Group Inc is due to release its next quarterly earnings between May 06 and May 10. 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 2.72% of total outstanding shares while institutional holders control 123.99%, with the float percentage being 127.45%. Blackrock Inc. is the largest shareholder of the company, while 436 institutions own stock in it. As of Jun 29, 2023, the company held over 19.15 million shares (or 11.27% of all shares), a total value of $489.38 million in shares.

The next largest institutional holding, with 16.17 million shares, is of Vanguard Group Inc’s that is approximately 9.51% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $413.29 million.

Also, the Mutual Funds coming in first place with the largest holdings of Shoals Technologies Group Inc (SHLS) shares are Vanguard Total Stock Market Index Fund and Vanguard Explorer Fund, Inc.. Data provided on Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 5.24 million shares. This amounts to just over 3.08 percent of the company’s overall shares, with a $133.95 million market value. The same data shows that the other fund manager holds slightly less at 4.47 million, or about 2.63% of the stock, which is worth about $115.92 million.