Legacy Housing (NASDAQ:LEGH) Shares Gap Up – Here’s Why

Legacy Housing Corporation (NASDAQ:LEGH) gapped up prior to trading on Tuesday. The stock had previously closed at $29.36, but opened at $32.51. Legacy Housing shares last traded at $32.0650, with a volume of 8,806 shares trading hands.

Analyst Ratings Changes

LEGH has been the subject of several research reports. Zacks Research downgraded shares of Legacy Housing from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings raised Legacy Housing from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, October 21st. Finally, Wall Street Zen raised Legacy Housing from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 29th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $21.00.

Legacy Housing Price Performance

The firm has a market capitalization of $716.11 million, a PE ratio of 13.88 and a beta of 0.78. The stock’s 50-day moving average price is $28.34 and its 200 day moving average price is $24.59.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. The firm had revenue of $69.70 million during the quarter, compared to analyst estimates of $63.12 million. Legacy Housing had a return on equity of 9.53% and a net margin of 28.56%. Equities research analysts forecast that Legacy Housing Corporation will post 2.32 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legacy Housing

Hedge funds have recently modified their holdings of the business. Aviance Capital Partners LLC increased its holdings in shares of Legacy Housing by 1.8% during the third quarter. Aviance Capital Partners LLC now owns 49,345 shares of the company’s stock valued at $1,415,000 after acquiring an additional 850 shares in the last quarter. Bank of America Corp DE raised its position in Legacy Housing by 16.4% in the first quarter. Bank of America Corp DE now owns 10,289 shares of the company’s stock valued at $210,000 after purchasing an additional 1,448 shares during the period. Nisa Investment Advisors LLC purchased a new position in Legacy Housing during the 3rd quarter valued at about $77,000. Legal & General Group Plc acquired a new position in shares of Legacy Housing during the second quarter worth about $149,000. Finally, State of Wyoming acquired a new position in Legacy Housing in the second quarter valued at approximately $169,000. Hedge funds and other institutional investors own 89.35% of the company’s stock.

Legacy Housing Company Profile

Legacy Housing Corporation is a manufacturer and seller of manufactured homes. The company produces homes in a range of sizes and floor plans, including single-section and multi-section models designed for residential use. Its products are marketed under the Legacy Housing brand and are intended to provide an alternative to traditionally built housing.

The company sells manufactured homes through a combination of retail locations, independent dealers and wholesale channels. Legacy Housing also provides financing options to qualified homebuyers and dealers, supporting the purchase of its homes.