Legacy Housing Co. (NASDAQ:LEGH) Short Interest Up 10.9% in April

Legacy Housing Co. (NASDAQ:LEGH) was the target of a significant increase in short interest in April. As of April 30th, there was short interest totalling 582,500 shares, an increase of 10.9% from the April 15th total of 525,200 shares. Based on an average daily volume of 78,300 shares, the days-to-cover ratio is currently 7.4 days. Currently, 5.8% of the company’s shares are short sold.

Legacy Housing Trading Down 0.1 %

Shares of NASDAQ LEGH traded down $0.03 during trading on Thursday, hitting $24.12. 24,345 shares of the company were exchanged, compared to its average volume of 72,866. Legacy Housing has a 12-month low of $17.67 and a 12-month high of $26.50. The company has a fifty day moving average price of $21.51 and a 200-day moving average price of $22.77. The firm has a market capitalization of $586.60 million, a PE ratio of 11.39 and a beta of 0.95. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.88 and a current ratio of 3.76.

Legacy Housing (NASDAQ:LEGH) last issued its quarterly earnings results on Thursday, May 9th. The company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.24. The company had revenue of $43.24 million for the quarter, compared to the consensus estimate of $38.07 million. Legacy Housing had a return on equity of 12.33% and a net margin of 29.70%. During the same quarter in the prior year, the business earned $0.65 EPS. As a group, equities research analysts expect that Legacy Housing will post 1.72 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Kenneth E. Shipley sold 34,000 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $24.40, for a total transaction of $829,600.00. Following the transaction, the executive vice president now owns 2,892,610 shares of the company’s stock, valued at approximately $70,579,684. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Legacy Housing news, major shareholder Douglas M. Shipley sold 33,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $24.40, for a total transaction of $805,200.00. Following the completion of the sale, the insider now directly owns 2,886,978 shares in the company, valued at $70,442,263.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kenneth E. Shipley sold 34,000 shares of Legacy Housing stock in a transaction on Friday, February 16th. The shares were sold at an average price of $24.40, for a total transaction of $829,600.00. Following the completion of the sale, the executive vice president now owns 2,892,610 shares in the company, valued at approximately $70,579,684. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,775 shares of company stock worth $2,814,421. 32.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LEGH. Voss Capital LLC lifted its stake in shares of Legacy Housing by 6.4% during the fourth quarter. Voss Capital LLC now owns 830,000 shares of the company’s stock valued at $20,933,000 after buying an additional 50,000 shares during the period. Cerity Partners LLC acquired a new position in shares of Legacy Housing in the 4th quarter worth approximately $1,872,000. ABS Direct Equity Fund LLC bought a new stake in shares of Legacy Housing in the 4th quarter worth approximately $1,261,000. Meixler Investment Management Ltd. raised its holdings in shares of Legacy Housing by 16.7% during the third quarter. Meixler Investment Management Ltd. now owns 129,499 shares of the company’s stock valued at $2,514,000 after buying an additional 18,524 shares during the last quarter. Finally, Cornercap Investment Counsel Inc. acquired a new position in Legacy Housing during the 4th quarter valued at about $511,000. Institutional investors and hedge funds own 89.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LEGH shares. B. Riley raised Legacy Housing from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Wedbush reissued an “outperform” rating and issued a $25.00 price target on shares of Legacy Housing in a research report on Friday, May 10th.

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.