Callodine Capital Management LP Invests $4.42 Million in Shoals Technologies Group, Inc. (NASDAQ:SHLS)

Callodine Capital Management LP purchased a new stake in Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 800,000 shares of the company’s stock, valued at approximately $4,424,000. Callodine Capital Management LP owned 0.48% of Shoals Technologies Group at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of SHLS. Vanguard Group Inc. increased its stake in Shoals Technologies Group by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 17,163,583 shares of the company’s stock valued at $94,915,000 after purchasing an additional 576,736 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Shoals Technologies Group by 8.6% in the 4th quarter. Wellington Management Group LLP now owns 14,233,342 shares of the company’s stock valued at $78,710,000 after buying an additional 1,125,938 shares during the period. Invesco Ltd. increased its position in shares of Shoals Technologies Group by 20.7% in the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock valued at $35,480,000 after buying an additional 1,098,577 shares in the last quarter. Franklin Resources Inc. raised its stake in Shoals Technologies Group by 16.1% during the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after buying an additional 658,617 shares during the period. Finally, Erste Asset Management GmbH lifted its holdings in Shoals Technologies Group by 3.7% during the fourth quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock worth $20,269,000 after acquiring an additional 128,664 shares in the last quarter.

Insider Transactions at Shoals Technologies Group

In related news, CEO Brandon Moss sold 21,700 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total value of $66,619.00. Following the completion of the sale, the chief executive officer now directly owns 1,051,303 shares in the company, valued at $3,227,500.21. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 40,575 shares of company stock worth $123,957. Company insiders own 1.67% of the company’s stock.

Shoals Technologies Group Stock Performance

Shares of NASDAQ SHLS opened at $3.38 on Friday. Shoals Technologies Group, Inc. has a 12 month low of $2.71 and a 12 month high of $9.17. The stock has a 50 day moving average of $3.47 and a 200-day moving average of $4.52. The company has a current ratio of 2.08, a quick ratio of 1.36 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $564.44 million, a P/E ratio of 16.90, a P/E/G ratio of 0.52 and a beta of 1.54.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Wednesday, February 26th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.01). Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company had revenue of $107.00 million for the quarter, compared to analyst estimates of $102.16 million. During the same quarter in the prior year, the business posted $0.12 EPS. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, equities research analysts predict that Shoals Technologies Group, Inc. will post 0.29 EPS for the current year.

Analyst Ratings Changes

SHLS has been the topic of a number of research analyst reports. Truist Financial dropped their price target on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. Jefferies Financial Group cut their price target on shares of Shoals Technologies Group from $4.60 to $3.40 and set a “hold” rating on the stock in a research note on Wednesday, March 12th. Piper Sandler lowered their price objective on shares of Shoals Technologies Group from $8.00 to $6.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Mizuho cut their price objective on shares of Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, Oppenheimer reduced their price objective on Shoals Technologies Group from $11.00 to $10.00 and set an “outperform” rating for the company in a research report on Tuesday, January 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.87.

Shoals Technologies Group Profile

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.