LGI Homes (NASDAQ:LGIH) Shares Cross Below 200 Day Moving Average – Here’s What Happened

LGI Homes, Inc. (NASDAQ:LGIH)’s share price crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $51.23 and traded as low as $41.13. LGI Homes shares last traded at $42.35, with a volume of 690,674 shares traded.

Analysts Set New Price Targets

Several brokerages recently commented on LGIH. Citigroup reaffirmed a “market outperform” rating on shares of LGI Homes in a research note on Tuesday, October 6th. Weiss Ratings lowered LGI Homes from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, September 21st. Finally, Wall Street Zen raised shares of LGI Homes from a “sell” rating to a “hold” rating in a research note on Sunday, August 16th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $68.00.

LGI Homes Stock Down 2.4%

The firm has a 50-day moving average price of $52.00 and a 200 day moving average price of $51.27. The company has a market cap of $999.98 million, a price-to-earnings ratio of 15.09 and a beta of 1.86. The company has a debt-to-equity ratio of 0.74, a current ratio of 17.74 and a quick ratio of 0.61.

LGI Homes (NASDAQ:LGIH) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.18. The business had revenue of $516.05 million during the quarter, compared to analysts’ expectations of $489.23 million. LGI Homes had a net margin of 3.88% and a return on equity of 3.55%. The business’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.36 EPS.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in LGI Homes during the 2nd quarter worth about $226,799,000. Atlas FRM LLC acquired a new stake in shares of LGI Homes in the 2nd quarter valued at about $61,578,560. Philadelphia Financial Management of San Francisco LLC acquired a new position in LGI Homes during the 2nd quarter worth approximately $11,155,144. Bank of New York Mellon Corp bought a new position in LGI Homes in the second quarter worth approximately $7,625,000. Finally, Bank of America Corp DE bought a new stake in shares of LGI Homes during the second quarter valued at approximately $5,048,000. 84.89% of the stock is owned by institutional investors.

About LGI Homes

LGI Homes, Inc is a residential construction company that designs, builds and sells new homes primarily to first-time buyers, move-up buyers and active-adult customers. Its portfolio generally includes single-family homes and, in select communities, townhomes and other attached housing. The company offers homes in a range of floor plans and typically emphasizes value-oriented designs, included features and move-in-ready construction.

Founded in 2003, LGI Homes serves buyers through communities across multiple regions of the United States, including markets in the South, Southeast, Southwest, West and select other metropolitan areas.