LGI Homes (NASDAQ:LGIH) Trading Up 10.2% – Here’s What Happened

LGI Homes, Inc. (NASDAQ:LGIH) shares traded up 10.2% on Wednesday . The stock traded as high as $62.60 and last traded at $61.7960. 66,846 shares changed hands during trading, a decline of 85% from the average session volume of 445,206 shares. The stock had previously closed at $56.06.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Zacks Research upgraded LGI Homes from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 21st. Weiss Ratings restated a “sell (d)” rating on shares of LGI Homes in a report on Friday, May 22nd. JPMorgan Chase & Co. upped their price objective on shares of LGI Homes from $38.00 to $41.00 and gave the company an “underweight” rating in a research note on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of LGI Homes from a “sell” rating to a “hold” rating in a report on Saturday, June 6th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $72.75.

LGI Homes Stock Performance

The firm’s 50 day simple moving average is $48.57 and its 200-day simple moving average is $47.66. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of 20.53 and a beta of 1.87. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.70 and a current ratio of 18.56.

LGI Homes (NASDAQ:LGIH) last issued its earnings results on Tuesday, April 28th. The financial services provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.02 by $0.22. LGI Homes had a return on equity of 3.80% and a net margin of 4.22%.The business had revenue of $319.74 million during the quarter, compared to analysts’ expectations of $328.22 million. During the same quarter last year, the firm posted $0.17 earnings per share. LGI Homes’s revenue was down 9.0% compared to the same quarter last year.

Institutional Investors Weigh In On LGI Homes

Institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd lifted its position in shares of LGI Homes by 75.5% in the third quarter. Caitong International Asset Management Co. Ltd now owns 551 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 237 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in LGI Homes during the fourth quarter valued at approximately $29,000. Russell Investments Group Ltd. grew its position in LGI Homes by 106.6% during the second quarter. Russell Investments Group Ltd. now owns 591 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 305 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in LGI Homes in the 4th quarter valued at approximately $32,000. Finally, Rockefeller Capital Management L.P. increased its stake in LGI Homes by 1,759.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 874 shares of the financial services provider’s stock valued at $38,000 after buying an additional 827 shares during the period. 84.89% of the stock is currently owned by institutional investors and hedge funds.

LGI Homes Company Profile

LGI Homes, Inc (NASDAQ: LGIH) is a residential homebuilder primarily focused on serving first-time and first-time move-up homebuyers in the United States. The company specializes in the acquisition, development and sale of affordable single-family homes and townhomes. LGI Homes operates through an integrated model that encompasses land sourcing, lot development, home construction, and post-closing customer support including warranty services.

In addition to its core homebuilding activities, LGI Homes offers ancillary services to streamline the homebuying process for its customers.