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

Callodine Capital Management LP bought a new position in Shoals Technologies Group, Inc. (NASDAQ:SHLS - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 800,000 shares of the company's stock, valued at approximately $4,424,000. Callodine Capital Management LP owned about 0.48% of Shoals Technologies Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Shoals Technologies Group by 48.9% during the 3rd quarter. FMR LLC now owns 5,806 shares of the company's stock valued at $33,000 after acquiring an additional 1,906 shares in the last quarter. Barclays PLC raised its holdings in Shoals Technologies Group by 25.9% in the third quarter. Barclays PLC now owns 291,242 shares of the company's stock valued at $1,634,000 after acquiring an additional 59,856 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Shoals Technologies Group by 16.1% during the third 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 during the last quarter. Oddo BHF Asset Management Sas bought a new position in Shoals Technologies Group during the 3rd quarter worth approximately $692,000. Finally, Empirical Asset Management LLC acquired a new position in shares of Shoals Technologies Group in the 4th quarter worth approximately $59,000.

Shoals Technologies Group Price Performance

Shares of NASDAQ:SHLS traded down $0.06 on Wednesday, reaching $3.29. 2,206,396 shares of the company traded hands, compared to its average volume of 5,717,976. Shoals Technologies Group, Inc. has a fifty-two week low of $2.71 and a fifty-two week high of $9.17. The stock has a market capitalization of $549.41 million, a PE ratio of 16.45, a P/E/G ratio of 0.52 and a beta of 1.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.08 and a quick ratio of 1.36. The company's 50 day moving average is $3.42 and its 200-day moving average is $4.47.

Shoals Technologies Group (NASDAQ:SHLS - Get Free Report) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.08 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 firm had revenue of $107.00 million during the quarter, compared to analyst estimates of $102.16 million. During the same period in the prior year, the business posted $0.12 EPS. The company's revenue for the quarter was down 17.9% on a year-over-year basis. As a group, analysts anticipate that Shoals Technologies Group, Inc. will post 0.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SHLS. Roth Mkm reduced their price objective on Shoals Technologies Group from $5.00 to $4.50 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price target on shares of Shoals Technologies Group from $11.00 to $10.00 and set an "overweight" rating for the company in a report on Thursday, January 23rd. The Goldman Sachs Group dropped their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, February 26th. Mizuho decreased their target price on Shoals Technologies Group from $7.00 to $6.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. Finally, Royal Bank of Canada lowered their target price on Shoals Technologies Group from $9.00 to $7.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $8.87.

Insider Activity

In other news, CEO Brandon Moss sold 21,700 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $3.07, for a total value 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 approximately $3,227,500.21. This represents a 2.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 40,575 shares of company stock worth $123,957 in the last 90 days. Company 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.