LGI Homes (NASDAQ:LGIH) Shares Gap Down - Here's What Happened

LGI Homes, Inc. (NASDAQ:LGIH - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $93.58, but opened at $91.65. LGI Homes shares last traded at $94.35, with a volume of 58,053 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on LGIH. JPMorgan Chase & Co. lowered their price objective on LGI Homes from $100.00 to $82.00 and set an "underweight" rating for the company in a research report on Friday, December 13th. Wedbush reiterated a "neutral" rating and issued a $125.00 target price on shares of LGI Homes in a report on Wednesday, November 6th.

LGI Homes Trading Down 3.5 %

The firm's 50 day simple moving average is $106.33 and its two-hundred day simple moving average is $104.25. The stock has a market capitalization of $2.12 billion, a P/E ratio of 10.82 and a beta of 1.99. The company has a quick ratio of 0.54, a current ratio of 12.72 and a debt-to-equity ratio of 0.77.

LGI Homes (NASDAQ:LGIH - Get Free Report) last issued its earnings results on Tuesday, November 5th. The financial services provider reported $2.95 EPS for the quarter, beating analysts' consensus estimates of $2.54 by $0.41. The business had revenue of $651.85 million during the quarter, compared to analyst estimates of $645.27 million. LGI Homes had a return on equity of 10.32% and a net margin of 8.75%. The firm's revenue was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.84 EPS. As a group, analysts forecast that LGI Homes, Inc. will post 8.72 earnings per share for the current fiscal year.

Institutional Trading of LGI Homes

A number of hedge funds and other institutional investors have recently bought and sold shares of LGIH. Innealta Capital LLC acquired a new position in shares of LGI Homes during the second quarter valued at about $39,000. First Horizon Advisors Inc. boosted its stake in LGI Homes by 32.5% during the 2nd quarter. First Horizon Advisors Inc. now owns 440 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 108 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in LGI Homes during the 3rd quarter worth approximately $43,000. KBC Group NV raised its stake in shares of LGI Homes by 29.8% in the third quarter. KBC Group NV now owns 732 shares of the financial services provider's stock worth $87,000 after purchasing an additional 168 shares during the last quarter. Finally, CWM LLC raised its stake in shares of LGI Homes by 27.5% in the third quarter. CWM LLC now owns 867 shares of the financial services provider's stock worth $103,000 after purchasing an additional 187 shares during the last quarter. Institutional investors own 84.89% of the company's stock.

LGI Homes Company Profile

LGI Homes, Inc designs, constructs, and sells homes. It offers entry-level homes, such as attached and detached homes, and active adult homes under the LGI Homes brand name; and luxury series homes under the Terrata Homes brand name. The company also engages in the wholesale business, which include building and selling homes to large institutions looking to acquire single-family rental properties.