Landsea Homes (NASDAQ:LSEA) Rating Lowered to Hold at Zacks Investment Research

Landsea Homes (NASDAQ:LSEAGet Rating) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “Landsea Homes Corporation is a homebuilding company. It designs and builds homes and sustainable master-planned communities. The company developed homes and communities principally in New York, Boston, New Jersey, Arizona and throughout California in Silicon Valley, Los Angeles and Orange County. Landsea Homes Corporation, formerly known as LF Capital Acquisition Corp., is based in NEW YORK. “

Several other analysts have also issued reports on the company. Barclays dropped their price objective on Landsea Homes from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 29th. B. Riley dropped their price objective on Landsea Homes from $16.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, April 6th.

LSEA opened at $7.67 on Thursday. Landsea Homes has a 52-week low of $6.19 and a 52-week high of $9.57. The firm has a market capitalization of $347.64 million, a PE ratio of 4.89 and a beta of 0.24. The business’s 50-day simple moving average is $8.25 and its 200 day simple moving average is $7.87.

Landsea Homes (NASDAQ:LSEAGet Rating) last released its earnings results on Tuesday, May 3rd. The company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.47. The business had revenue of $316.23 million for the quarter, compared to analyst estimates of $241.32 million. Landsea Homes had a return on equity of 16.10% and a net margin of 6.18%. During the same quarter in the prior year, the company posted $0.03 earnings per share. On average, equities research analysts anticipate that Landsea Homes will post 2.68 earnings per share for the current year.

In other news, COO Michael Forsum bought 27,300 shares of the stock in a transaction dated Monday, March 14th. The shares were bought at an average price of $7.33 per share, for a total transaction of $200,109.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Christopher T. Porter bought 38,000 shares of the stock in a transaction dated Monday, March 14th. The shares were purchased at an average price of $7.73 per share, for a total transaction of $293,740.00. The disclosure for this purchase can be found here. Insiders acquired 155,263 shares of company stock worth $1,243,693 in the last 90 days. Corporate insiders own 75.70% of the company’s stock.

Large investors have recently modified their holdings of the stock. Morgan Stanley acquired a new stake in Landsea Homes during the first quarter worth approximately $26,000. EverSource Wealth Advisors LLC acquired a new stake in Landsea Homes during the fourth quarter worth approximately $29,000. Allspring Global Investments Holdings LLC acquired a new stake in Landsea Homes during the first quarter worth approximately $36,000. Royal Bank of Canada boosted its holdings in shares of Landsea Homes by 63.3% in the 3rd quarter. Royal Bank of Canada now owns 4,297 shares of the company’s stock valued at $37,000 after purchasing an additional 1,665 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Landsea Homes by 553.4% in the 4th quarter. Wells Fargo & Company MN now owns 5,992 shares of the company’s stock valued at $44,000 after purchasing an additional 5,075 shares in the last quarter. 22.17% of the stock is currently owned by institutional investors and hedge funds.

Landsea Homes Company Profile (Get Rating)

Landsea Homes Corporation designs, constructs, markets, and sells suburban and urban single-family detached and attached homes in California, Arizona, Florida, Texas, and Metro New York. It offers a range of properties, including entry-level and first-time move-up homes. The company was incorporated in 2017 and is headquartered in Newport Beach, California.

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