Legacy Housing Corporation (NASDAQ:LEGH) Sees Significant Increase in Short Interest

Legacy Housing Corporation (NASDAQ:LEGH) was the target of a significant growth in short interest during the month of October. As of October 15th, there was short interest totaling 657,100 shares, a growth of 49.1% from the September 30th total of 440,700 shares. Currently, 7.4% of the shares of the stock are short sold. Based on an average daily trading volume, of 80,200 shares, the short-interest ratio is presently 8.2 days. Based on an average daily trading volume, of 80,200 shares, the short-interest ratio is presently 8.2 days. Currently, 7.4% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Legacy Housing from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Legacy Housing has an average rating of “Hold” and an average target price of $26.00.

Hedge Funds Weigh In On Legacy Housing

Several institutional investors have recently added to or reduced their stakes in the stock. First Trust Advisors LP boosted its holdings in Legacy Housing by 2.6% during the second quarter. First Trust Advisors LP now owns 35,892 shares of the company’s stock worth $813,000 after buying an additional 917 shares in the last quarter. Bfsg LLC lifted its position in shares of Legacy Housing by 1.0% during the 2nd quarter. Bfsg LLC now owns 89,957 shares of the company’s stock valued at $2,038,000 after acquiring an additional 925 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Legacy Housing by 3.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 29,922 shares of the company’s stock worth $823,000 after acquiring an additional 1,124 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Legacy Housing by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 8,958 shares of the company’s stock worth $203,000 after acquiring an additional 1,216 shares during the period. Finally, State of Alaska Department of Revenue acquired a new stake in shares of Legacy Housing in the 3rd quarter worth approximately $34,000. Institutional investors and hedge funds own 89.35% of the company’s stock.

Legacy Housing Stock Performance

NASDAQ LEGH traded down $0.26 during trading on Monday, reaching $22.19. 59,620 shares of the company’s stock were exchanged, compared to its average volume of 107,851. The company has a 50 day moving average price of $25.60 and a two-hundred day moving average price of $24.32. The stock has a market cap of $529.68 million, a P/E ratio of 9.91 and a beta of 0.80. Legacy Housing has a 1 year low of $20.85 and a 1 year high of $29.45.

Legacy Housing (NASDAQ:LEGH) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.05. Legacy Housing had a net margin of 30.00% and a return on equity of 11.11%. The business had revenue of $50.20 million during the quarter, compared to the consensus estimate of $43.53 million.

About Legacy Housing

Legacy Housing Corporation engages in the building, sale, and financing of manufactured homes and tiny houses primarily in the southern United States. It manufactures and provides for the transport of mobile homes, including 1 to 5 bedrooms with 1 to 3 1/2 bathrooms; and provides wholesale financing to dealers and mobile home parks, as well as retail financing to consumers.