LGI Homes (NASDAQ:LGIH) Shares Gap Down – Here’s What Happened

Shares of LGI Homes, Inc. (NASDAQ:LGIH) gapped down prior to trading on Tuesday. The stock had previously closed at $43.01, but opened at $41.11. LGI Homes shares last traded at $42.3440, with a volume of 6,887 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LGIH. Weiss Ratings downgraded LGI Homes from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, September 21st. Citigroup reissued a “market outperform” rating on shares of LGI Homes in a research report on Tuesday, October 6th. Finally, Wall Street Zen upgraded LGI Homes from a “sell” rating to a “hold” rating in a research note on Sunday, August 16th. Two analysts have rated the stock with a Buy rating, one has given 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 a consensus price target of $68.00.

LGI Homes Price Performance

The company has a market capitalization of $930.23 million, a P/E ratio of 14.04 and a beta of 1.86. The business’s 50-day moving average is $50.71 and its two-hundred day moving average is $51.37. The company has a quick ratio of 0.61, a current ratio of 17.74 and a debt-to-equity ratio of 0.74.

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

Hedge Funds Weigh In On LGI Homes

A number of hedge funds and other institutional investors have recently modified their holdings of LGIH. GAMMA Investing LLC increased its position in shares of LGI Homes by 14.7% during the second quarter. GAMMA Investing LLC now owns 2,093 shares of the financial services provider’s stock valued at $133,000 after acquiring an additional 269 shares during the last quarter. Allworth Financial LP lifted its holdings in LGI Homes by 159.8% during the second quarter. Allworth Financial LP now owns 878 shares of the financial services provider’s stock worth $56,000 after acquiring an additional 540 shares during the period. Everhart Financial Group Inc. boosted its position in LGI Homes by 9.4% in the third quarter. Everhart Financial Group Inc. now owns 7,520 shares of the financial services provider’s stock worth $351,000 after purchasing an additional 648 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in LGI Homes by 1,759.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 874 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 827 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in LGI Homes by 105.9% in the second quarter. Versant Capital Management Inc now owns 2,314 shares of the financial services provider’s stock worth $147,000 after purchasing an additional 1,190 shares during the last quarter. Hedge funds and other institutional investors own 84.89% of the company’s stock.

LGI Homes Company Profile

LGI Homes, Inc is a homebuilder that designs, constructs and sells single-family homes in planned residential communities across the United States. The company primarily serves entry-level and first-time homebuyers, while also offering homes for move-up buyers and active-adult customers. Its communities typically feature standardized home designs, modern amenities and financing-related support intended to simplify the homebuying process.

Founded in 2003, LGI Homes has expanded from its original Texas operations into numerous housing markets throughout the South, Southwest and other high-growth regions.