Smith Douglas Homes (NYSE:SDHC) Trading Down 4.9% – Here’s What Happened

Shares of Smith Douglas Homes Corp. (NYSE:SDHC) fell 4.9% during trading on Thursday . The stock traded as low as $29.50 and last traded at $29.50. 86,516 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 128,505 shares. The stock had previously closed at $31.01.

Analysts Set New Price Targets

Several research firms have recently issued reports on SDHC. Wells Fargo & Company raised their price objective on Smith Douglas Homes from $35.00 to $40.00 and gave the stock an “equal weight” rating in a report on Monday, October 7th. Bank of America raised their target price on shares of Smith Douglas Homes from $36.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, September 19th. Wedbush reissued a “neutral” rating and set a $20.00 price objective on shares of Smith Douglas Homes in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. dropped their price target on Smith Douglas Homes from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Friday, December 13th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.20.

Smith Douglas Homes Stock Performance

The stock has a 50-day moving average price of $33.27 and a 200-day moving average price of $31.73.

Insider Buying and Selling at Smith Douglas Homes

In other Smith Douglas Homes news, Director Jeffrey T. Jackson bought 8,605 shares of the stock in a transaction on Tuesday, November 19th. The stock was purchased at an average price of $29.77 per share, for a total transaction of $256,170.85. Following the completion of the purchase, the director now directly owns 15,748 shares in the company, valued at approximately $468,817.96. This trade represents a 120.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Investors Weigh In On Smith Douglas Homes

Several institutional investors and hedge funds have recently bought and sold shares of SDHC. RiverPark Advisors LLC bought a new stake in Smith Douglas Homes in the 2nd quarter valued at about $120,000. Thornburg Investment Management Inc. acquired a new stake in Smith Douglas Homes in the second quarter worth approximately $4,975,000. Federated Hermes Inc. increased its position in shares of Smith Douglas Homes by 5.5% during the 2nd quarter. Federated Hermes Inc. now owns 527,300 shares of the company’s stock valued at $12,328,000 after purchasing an additional 27,300 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Smith Douglas Homes by 1.9% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 450,193 shares of the company’s stock worth $10,526,000 after buying an additional 8,193 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Smith Douglas Homes by 260.2% in the second quarter. Renaissance Technologies LLC now owns 33,500 shares of the company’s stock valued at $783,000 after buying an additional 24,200 shares during the period.

About Smith Douglas Homes

Smith Douglas Homes Corp., together with its subsidiaries, engages in the design, construction, and sale of single-family homes in the southeastern United States. It also provides closing, escrow, and title insurance services. The company sells its products to entry-level and empty-nest homebuyers. Smith Douglas Homes Corp.