LGI Homes shares gain for a third straight session on Wednesday, company reports 605 home closings in April

LGI Homes Inc (LGIH) reported earlier this week 605 home closings in April, which compares with 612 closings in the same month a year ago.

LGI Homes shares closed higher for a third consecutive trading session on NASDAQ on Wednesday. It has also been the sharpest single-session gain since April 29th. The stock went up 4.27% ($2.73) to $66.67, after touching an intraday high at $68.28 and an intraday low at $63.14.

Shares of LGI Homes Inc have retreated 5.63% so far this year, following a 56.24% gain in 2019.

LGI Homes reported a total of 2 440 home closings during the first four months of 2020, compared with 1 840 home closings reported in the same period a year earlier.

As of the end of April, the home builder, which is based in The Woodlands, Texas, had 115 active selling communities.

LGI Homes specializes in the design, construction and sale of homes in Texas, Arizona, Florida, Georgia, New Mexico, Colorado, North Carolina, South Carolina, Washington, Tennessee, Minnesota, Oklahoma, Alabama, California, Oregon, Nevada and Virginia.

Analyst stock price forecast and recommendation

According to CNN Money, the 4 analysts, offering 12-month forecasts regarding LGI Homes Inc’s stock price, have a median target of $61.50, with a high estimate of $76.00 and a low estimate of $39.00. The median estimate represents a 7.75% downside compared to the closing price of $66.67 on May 6th.

The same media also reported that at least 2 out of 4 surveyed investment analysts had rated LGI Homes Inc’s stock as “Buy”, while other 2 – as “Sell”.