B. Riley Issues Pessimistic Forecast for Legacy Housing (NASDAQ:LEGH) Stock Price

Legacy Housing (NASDAQ:LEGH) had its price target dropped by research analysts at B. Riley from $26.00 to $21.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. B. Riley’s price target would indicate a potential upside of 4.90% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. CJS Securities lowered shares of Legacy Housing from a “market outperform” rating to a “market perform” rating in a report on Tuesday. Weiss Ratings lowered Legacy Housing from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. Three equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $21.00.

Legacy Housing Stock Down 1.5%

LEGH traded down $0.31 during trading on Wednesday, reaching $20.02. 36,060 shares of the company’s stock were exchanged, compared to its average volume of 84,037. The business has a 50 day moving average price of $24.91 and a 200 day moving average price of $24.21. The company has a market capitalization of $477.88 million, a P/E ratio of 10.27 and a beta of 0.80. Legacy Housing has a fifty-two week low of $19.69 and a fifty-two week high of $29.45.

Legacy Housing (NASDAQ:LEGH) last announced its quarterly earnings results on Friday, November 7th. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.22). Legacy Housing had a return on equity of 9.47% and a net margin of 26.66%.The business had revenue of $40.48 million for the quarter, compared to the consensus estimate of $45.53 million.

Hedge Funds Weigh In On Legacy Housing

Several large investors have recently bought and sold shares of the business. State of Alaska Department of Revenue acquired a new stake in Legacy Housing during the 3rd quarter worth $34,000. Tower Research Capital LLC TRC boosted its position in shares of Legacy Housing by 414.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,408 shares of the company’s stock worth $55,000 after purchasing an additional 1,940 shares during the last quarter. AlphaQuest LLC grew its stake in shares of Legacy Housing by 3,972.9% during the third quarter. AlphaQuest LLC now owns 3,910 shares of the company’s stock worth $108,000 after purchasing an additional 3,814 shares during the period. Quantbot Technologies LP bought a new stake in Legacy Housing in the first quarter valued at about $116,000. Finally, Strs Ohio acquired a new position in Legacy Housing in the first quarter valued at about $124,000. 89.35% of the stock is currently owned by institutional investors and hedge funds.

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.