Legacy Housing (NASDAQ:LEGH) Shares Gap Up – Should You Buy?

Legacy Housing Corporation (NASDAQ:LEGH)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $21.57, but opened at $23.34. Legacy Housing shares last traded at $23.4750, with a volume of 1,613 shares.

Analysts Set New Price Targets

LEGH has been the subject of several analyst reports. Zacks Research raised Legacy Housing from a “strong sell” rating to a “hold” rating in a research report on Monday, January 12th. Weiss Ratings cut Legacy Housing from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, May 4th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Legacy Housing currently has an average rating of “Hold” and a consensus price target of $21.00.

Legacy Housing Stock Performance

The business has a 50-day simple moving average of $20.69 and a two-hundred day simple moving average of $20.91. The company has a market capitalization of $538.10 million, a price-to-earnings ratio of 12.69 and a beta of 0.77.

Legacy Housing (NASDAQ:LEGH) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.04. Legacy Housing had a return on equity of 8.08% and a net margin of 26.01%.The company had revenue of $34.37 million during the quarter, compared to analysts’ expectations of $38.82 million. Research analysts predict that Legacy Housing Corporation will post 2.08 EPS for the current fiscal year.

Institutional Trading of Legacy Housing

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its holdings in shares of Legacy Housing by 7.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 955,771 shares of the company’s stock valued at $19,526,000 after buying an additional 62,224 shares during the period. North Star Investment Management Corp. lifted its holdings in shares of Legacy Housing by 239.3% in the 1st quarter. North Star Investment Management Corp. now owns 95,000 shares of the company’s stock valued at $1,941,000 after buying an additional 67,000 shares during the period. Villanova Investment Management Co LLC lifted its holdings in shares of Legacy Housing by 11.2% in the 4th quarter. Villanova Investment Management Co LLC now owns 140,871 shares of the company’s stock valued at $2,750,000 after buying an additional 14,200 shares during the period. Invesco Ltd. lifted its holdings in shares of Legacy Housing by 8.3% in the 4th quarter. Invesco Ltd. now owns 16,927 shares of the company’s stock valued at $330,000 after buying an additional 1,291 shares during the period. Finally, Susquehanna Portfolio Strategies LLC acquired a new stake in shares of Legacy Housing in the 4th quarter valued at approximately $252,000. 89.35% of the stock is owned by institutional investors and hedge funds.

Legacy Housing Company Profile

Legacy Housing Corp. designs, builds and markets factory-built homes, focusing on both single-section and multi-section manufactured housing products. The company offers a range of floor plans and customization options, including energy-efficient features and accessible design elements. Its core business activities encompass in-house design, procurement of building materials, plant-based construction and nationwide distribution through an independent network of retail partners.

Founded in 2009 and headquartered in Dallas, Texas, Legacy Housing operates in key regions across the southeastern and southwestern United States.