Legacy Housing (NASDAQ:LEGH) Shares Gap Down Following Weak Earnings

Legacy Housing Co. (NASDAQ:LEGH)’s share price gapped down prior to trading on Tuesday following a dissappointing earnings announcement. 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 changing hands.

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

Institutional Trading of Legacy Housing

A number of large investors have recently modified their holdings of LEGH. Aquatic Capital Management LLC acquired a new position in Legacy Housing during the 4th quarter valued at about $33,000. KLP Kapitalforvaltning AS bought a new stake in shares of Legacy Housing during the fourth quarter valued at approximately $49,000. GAMMA Investing LLC boosted its position in shares of 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 buying an additional 2,261 shares during the period. JPMorgan Chase & Co. increased its position in Legacy Housing by 11.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,423 shares of the company’s stock valued at $148,000 after acquiring an additional 543 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Legacy Housing by 22.2% during the 4th quarter. Wells Fargo & Company MN now owns 6,581 shares of the company’s stock valued at $162,000 after acquiring an additional 1,195 shares in the last quarter. Institutional investors and hedge funds own 89.35% of the company’s stock.

Legacy Housing Trading Down 8.5%

The company has a market cap of $568.00 million, a price-to-earnings ratio of 10.85 and a beta of 0.98. The stock has a 50-day simple moving average of $24.80 and a 200-day simple moving average of $25.24.

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.