Smith Douglas Homes (NYSE:SDHC) Downgraded to Underperform Rating by Bank of America

Bank of America lowered shares of Smith Douglas Homes (NYSE:SDHC) from a neutral rating to an underperform rating in a report issued on Monday morning, Marketbeat Ratings reports. Bank of America currently has $22.00 target price on the stock, down from their prior target price of $33.00.

Several other equities analysts have also recently commented on the stock. Wedbush reaffirmed a “neutral” rating and set a $20.00 price objective on shares of Smith Douglas Homes in a research note on Tuesday, November 12th. Wells Fargo & Company decreased their price target on shares of Smith Douglas Homes from $33.00 to $24.00 and set an “equal weight” rating on the stock in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. reduced their target price on Smith Douglas Homes from $36.00 to $35.00 and set a “neutral” rating for the company in a research report on Friday, December 13th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $25.40.

Smith Douglas Homes Price Performance

Shares of SDHC opened at $23.97 on Monday. Smith Douglas Homes has a 52-week low of $20.55 and a 52-week high of $39.50. The stock’s 50-day simple moving average is $28.57 and its 200 day simple moving average is $32.12.

Insider Activity at Smith Douglas Homes

In other Smith Douglas Homes news, Director Jeffrey T. Jackson acquired 8,605 shares of the stock in a transaction dated Tuesday, November 19th. The stock was purchased at an average cost of $29.77 per share, for a total transaction of $256,170.85. Following the acquisition, the director now owns 15,748 shares in the company, valued at $468,817.96. The trade was a 120.47 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Trading of Smith Douglas Homes

Several hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in shares of Smith Douglas Homes by 260.2% during 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 last quarter. Sei Investments Co. increased its stake in Smith Douglas Homes by 39.4% in the 2nd quarter. Sei Investments Co. now owns 47,629 shares of the company’s stock worth $1,114,000 after purchasing an additional 13,451 shares during the period. Marshall Wace LLP lifted its position in Smith Douglas Homes by 17.0% in the second quarter. Marshall Wace LLP now owns 89,770 shares of the company’s stock valued at $2,099,000 after purchasing an additional 13,036 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Smith Douglas Homes by 38.0% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 26,226 shares of the company’s stock worth $613,000 after purchasing an additional 7,217 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV increased its stake in shares of Smith Douglas Homes by 3.1% in the third quarter. Azzad Asset Management Inc. ADV now owns 11,579 shares of the company’s stock worth $437,000 after buying an additional 349 shares during the period.

Smith Douglas Homes Company Profile

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.