Legacy Housing (NASDAQ:LEGH) Shares Gap Down After Earnings Miss

Legacy Housing Co. (NASDAQ:LEGH) gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $25.73, but opened at $23.15. Legacy Housing shares last traded at $23.17, with a volume of 7,968 shares.

The company reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.57 by ($0.16). Legacy Housing had a return on equity of 11.85% and a net margin of 33.11%. The business had revenue of $35.70 million for the quarter, compared to analysts’ expectations of $44.13 million.

Hedge Funds Weigh In On Legacy Housing

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LEGH. Aquatic Capital Management LLC acquired a new position in shares of Legacy Housing during the fourth quarter worth about $33,000. KLP Kapitalforvaltning AS purchased a new position in shares of Legacy Housing in the 4th quarter valued at about $49,000. GAMMA Investing LLC lifted its stake in Legacy Housing by 6,650.0% during the first quarter. GAMMA Investing LLC now owns 2,295 shares of the company’s stock worth $58,000 after purchasing an additional 2,261 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Legacy Housing by 11.1% in the third quarter. JPMorgan Chase & Co. now owns 5,423 shares of the company’s stock valued at $148,000 after purchasing an additional 543 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in Legacy Housing by 22.2% during the fourth quarter. Wells Fargo & Company MN now owns 6,581 shares of the company’s stock worth $162,000 after purchasing an additional 1,195 shares in the last quarter. Hedge funds and other institutional investors own 89.35% of the company’s stock.

Legacy Housing Stock Performance

The firm’s 50-day moving average price is $24.80 and its two-hundred day moving average price is $25.24. The firm has a market cap of $604.07 million, a PE ratio of 11.48 and a beta of 0.98.

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.