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

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

Analyst Upgrades and Downgrades

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

Smith Douglas Homes Price Performance

The stock’s 50 day simple moving average is $33.63 and its two-hundred day simple moving average is $31.74.

Insiders Place Their Bets

In related news, Director Jeffrey T. Jackson purchased 8,605 shares of Smith Douglas Homes stock in a transaction dated Tuesday, November 19th. The shares were acquired at an average cost of $29.77 per share, for a total transaction of $256,170.85. Following the transaction, the director now directly owns 15,748 shares of the company’s stock, valued at approximately $468,817.96. This trade represents a 120.47 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Hedge Funds Weigh In On Smith Douglas Homes

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SDHC. Virtu Financial LLC bought a new stake in Smith Douglas Homes during the 3rd quarter worth approximately $344,000. M&T Bank Corp acquired a new stake in shares of Smith Douglas Homes in the third quarter valued at approximately $436,000. XTX Topco Ltd bought a new stake in shares of Smith Douglas Homes in the third quarter worth $246,000. Jane Street Group LLC bought a new position in Smith Douglas Homes in the third quarter valued at $530,000. Finally, Stifel Financial Corp increased its stake in Smith Douglas Homes by 39.0% in the 3rd quarter. Stifel Financial Corp now owns 26,074 shares of the company’s stock valued at $985,000 after buying an additional 7,310 shares during the last quarter.

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.