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Shoals Technologies Group Inc. (NASDAQ: SHLS): Is Its Value Too High Compared To Others?

Shoals Technologies Group Inc. (NASDAQ:SHLS) shares, rose in value on Wednesday, 05/24/23, with the stock price down by -0.76% to the previous day’s close as strong demand from buyers drove the stock to $23.66.

Actively observing the price movement in the last trading, the stock closed the session at $23.84, falling within a range of $22.77 and $23.825. The value of beta (5-year monthly) was 2.09 whereas the PE ratio was 43.41 over 12-month period. Referring to stock’s 52-week performance, its high was $32.43, and the low was $13.92. On the whole, SHLS has fluctuated by 9.64% over the past month.

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With the market capitalization of Shoals Technologies Group Inc. currently standing at about $4.00 billion, investors are eagerly awaiting this quarter’s results, scheduled for Aug 14, 2023 – Aug 18, 2023. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.13, which is expected to increase to $0.19 for fiscal year $0.59 and then to about $0.94 by fiscal year 2024. Data indicates that the EPS growth is expected to be 59.50% in 2024, while the next year’s EPS growth is forecast to be 59.30%.

Analysts have estimated the company’s revenue for the quarter at $115.99 million, with a low estimate of $98 million and a high estimate of $130.2 million. According to the average forecast, sales growth in current quarter could jump up 57.80%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2024, the company’s y-o-y revenues would reach $501.47 million, representing an increase of 53.40% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that SHLS’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

17 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 5 analyst(s), 11 recommend it as a Buy and 0 called the SHLS stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 1 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Overweight.

The stock’s technical analysis shows that the PEG ratio is about 0.72, with the price of SHLS currently trading nearly 8.24% and 8.22% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 56.17, while the 7-day volatility ratio is showing 4.86% which for the 30-day chart, stands at 5.83%. Furthermore, Shoals Technologies Group Inc. (SHLS)’s average true range (ATR) is 1.35. The company’s stock has been forecasted to trade at an average price of $31.38 over the course of the next 52 weeks, with a low of $19.00 and a high of $42.00. Based on these price targets, the low is 19.7% off current price, whereas the price has to move -77.51% to reach the yearly target high. Additionally, analysts’ median price of $30.00 is likely to be welcomed by investors because it represents a decrease of -26.8% from the current levels.

A comparison of Shoals Technologies Group Inc. (SHLS) with its peers suggests the former has fared considerably weaker in the market. SHLS showed an intraday change of -0.76% in last session, and over the past year, it grew by 55.97%%. In comparison, Littelfuse Inc. (LFUS) has moved lower at -1.80% on the day and was down -1.41% over the past 12 months. The PE ratio stands at 43.41 for Shoals Technologies Group Inc., compared to 18.89 for Littelfuse Inc. Other than that, the overall performance of the S&P 500 during the last trading session shows that it lost -0.73%. Meanwhile, the Dow Jones Industrial Slipped by -0.77%.

Data on historical trading for Shoals Technologies Group Inc. (NASDAQ:SHLS) indicates that the trading volumes over the past 10 days have averaged 3.02 million and over the past 3 months, they’ve averaged 3.75 million. According to company’s latest data on outstanding shares, there are 146.41 million shares outstanding.

Nearly 1.00% of Shoals Technologies Group Inc.’s shares belong to company insiders and institutional investors own 94.60% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 12.65 million shares as on Apr 27, 2023, resulting in a short ratio of 5.57. According to the data, the short interest in Shoals Technologies Group Inc. (SHLS) stood at 7.46% of shares outstanding as of Apr 27, 2023; the number of short shares registered in Mar 30, 2023 reached 11.15 million. The stock has fallen by -4.09% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the SHLS stock heading into the next quarter.

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