Legacy Housing (NASDAQ:LEGH) Shares Gap Up - Here's Why

Shares of Legacy Housing Co. (NASDAQ:LEGH - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $26.70, but opened at $27.26. Legacy Housing shares last traded at $27.02, with a volume of 638 shares changing hands.

Wall Street Analyst Weigh In

LEGH has been the subject of a number of recent analyst reports. B. Riley reiterated a "neutral" rating and set a $29.00 price target (up from $25.00) on shares of Legacy Housing in a report on Monday, August 12th. Wedbush restated an "outperform" rating and set a $29.00 target price on shares of Legacy Housing in a research report on Friday, August 9th.

Legacy Housing Stock Performance

The company has a quick ratio of 3.41, a current ratio of 4.39 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $654.10 million, a P/E ratio of 12.90 and a beta of 1.08. The company's 50 day moving average is $26.71 and its 200-day moving average is $24.28.

Legacy Housing (NASDAQ:LEGH - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.07. The firm had revenue of $42.50 million for the quarter, compared to analyst estimates of $46.35 million. Legacy Housing had a net margin of 32.17% and a return on equity of 12.25%. During the same quarter in the prior year, the business earned $0.60 earnings per share. As a group, equities analysts anticipate that Legacy Housing Co. will post 2.55 EPS for the current year.

Insiders Place Their Bets

In other news, Chairman Curtis Drew Hodgson sold 17,300 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $26.08, for a total transaction of $451,184.00. Following the completion of the sale, the chairman now owns 697,873 shares in the company, valued at $18,200,527.84. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last quarter, insiders have sold 124,727 shares of company stock worth $3,348,278. Corporate insiders own 32.20% of the company's stock.

Institutional Investors Weigh In On Legacy Housing

Several hedge funds and other institutional investors have recently made changes to their positions in LEGH. Dimensional Fund Advisors LP boosted its stake in Legacy Housing by 17.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 609,217 shares of the company's stock valued at $13,975,000 after purchasing an additional 88,921 shares during the last quarter. SG Capital Management LLC purchased a new position in shares of Legacy Housing during the first quarter valued at approximately $1,532,000. Progeny 3 Inc. bought a new stake in Legacy Housing during the second quarter worth $1,019,000. Renaissance Technologies LLC grew its holdings in Legacy Housing by 161.0% during the second quarter. Renaissance Technologies LLC now owns 40,200 shares of the company's stock worth $922,000 after buying an additional 24,800 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Legacy Housing by 5.2% in the 1st quarter. Vanguard Group Inc. now owns 441,383 shares of the company's stock valued at $9,499,000 after buying an additional 21,995 shares during the last quarter. 89.35% of the stock is owned by institutional investors.

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.