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

Callodine Capital Management LP acquired a new position in shares of Shoals Technologies Group, Inc. (NASDAQ:SHLS) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 800,000 shares of the company’s stock, valued at approximately $4,424,000.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position 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 acquiring an additional 576,736 shares during the last quarter. Wellington Management Group LLP lifted its stake 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 acquiring an additional 1,125,938 shares during the last quarter. Invesco Ltd. grew its position in Shoals Technologies Group by 20.7% during the 4th quarter. Invesco Ltd. now owns 6,415,911 shares of the company’s stock worth $35,480,000 after acquiring an additional 1,098,577 shares during the last quarter. Franklin Resources Inc. increased its holdings in Shoals Technologies Group by 16.1% in the 3rd quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after purchasing an additional 658,617 shares in the last quarter. Finally, Erste Asset Management GmbH increased its holdings in Shoals Technologies Group by 3.7% in the 4th quarter. Erste Asset Management GmbH now owns 3,593,806 shares of the company’s stock worth $20,269,000 after purchasing an additional 128,664 shares in the last quarter.

Analyst Upgrades and Downgrades

SHLS has been the topic of several research reports. Mizuho reduced their price target on Shoals Technologies Group from $7.00 to $6.00 and set an “outperform” rating on the stock in a report on Friday, January 24th. Truist Financial decreased their price target on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, January 16th. Roth Mkm cut their price target on shares of Shoals Technologies Group from $5.00 to $4.50 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group decreased their price objective on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. cut their target price on Shoals Technologies Group from $11.00 to $10.00 and set an “overweight” rating on the stock in a report on Thursday, January 23rd. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $8.87.

Shoals Technologies Group Stock Up 1.5 %

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

Shoals Technologies Group (NASDAQ:SHLS) last released its quarterly earnings data 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 the consensus estimate of $102.16 million. During the same period last year, the company earned $0.12 EPS. Shoals Technologies Group’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brandon Moss sold 21,700 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $3.07, for a total transaction of $66,619.00. Following the transaction, the chief executive officer now directly owns 1,051,303 shares of the company’s stock, valued at $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 40,575 shares of company stock worth $123,957. Corporate insiders own 1.67% of the company’s stock.

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.