Zacks Investment Research Upgrades Landsea Homes (NASDAQ:LSEA) to Strong-Buy

Landsea Homes (NASDAQ:LSEAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $8.75 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 13.49% from the company’s current price.

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. “

A number of other equities research analysts also recently issued reports on LSEA. B. Riley lowered their price target on shares of Landsea Homes from $16.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, April 6th. Barclays decreased their price objective on shares of Landsea Homes from $11.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 29th.

Shares of Landsea Homes stock opened at $7.71 on Wednesday. Landsea Homes has a 12-month low of $6.19 and a 12-month high of $9.44. The company has a market cap of $349.45 million, a price-to-earnings ratio of 4.91 and a beta of 0.25. The company’s 50-day moving average price is $8.04 and its 200-day moving average price is $7.68.

Landsea Homes (NASDAQ:LSEAGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The company reported $0.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.47. Landsea Homes had a net margin of 6.18% and a return on equity of 15.82%. The firm had revenue of $316.23 million for the quarter, compared to the consensus estimate of $241.32 million. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, equities research analysts expect that Landsea Homes will post 2.68 EPS for the current year.

In other Landsea Homes news, Director Qin Zhou purchased 20,000 shares of Landsea Homes stock in a transaction on Friday, March 25th. The shares were acquired at an average cost of $8.91 per share, for a total transaction of $178,200.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce D. Frank purchased 5,000 shares of Landsea Homes stock in a transaction on Monday, March 14th. The shares were acquired at an average price of $7.78 per share, for a total transaction of $38,900.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 155,263 shares of company stock worth $1,243,693. 75.70% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Goldman Sachs Group Inc. bought a new position in Landsea Homes during the first quarter valued at approximately $94,000. State Street Corp grew its position in Landsea Homes by 14.3% during the first quarter. State Street Corp now owns 119,193 shares of the company’s stock valued at $1,019,000 after acquiring an additional 14,898 shares during the last quarter. Engineers Gate Manager LP bought a new position in Landsea Homes during the first quarter valued at approximately $222,000. Renaissance Technologies LLC grew its holdings in shares of Landsea Homes by 187.3% in the first quarter. Renaissance Technologies LLC now owns 142,200 shares of the company’s stock worth $1,216,000 after purchasing an additional 92,700 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Landsea Homes by 26.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 31,311 shares of the company’s stock worth $268,000 after purchasing an additional 6,542 shares during the last quarter. Institutional investors and hedge funds own 22.17% of the company’s stock.

About Landsea Homes (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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