Smith Douglas Homes (NYSE:SDHC) Price Target Cut to $24.00 by Analysts at Wells Fargo & Company

Smith Douglas Homes (NYSE:SDHC) had its target price cut by Wells Fargo & Company from $33.00 to $24.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 3.90% from the stock’s previous close.

Several other research firms have also recently commented on SDHC. 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 note on Friday, December 13th. Bank of America increased their target price on Smith Douglas Homes from $36.00 to $40.00 and gave the company a “neutral” rating in a research note on Thursday, September 19th. Finally, Wedbush reiterated a “neutral” rating and set a $20.00 target price on shares of Smith Douglas Homes in a research note on Tuesday, November 12th. Six analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

Smith Douglas Homes Stock Up 1.0 %

NYSE:SDHC traded up $0.23 during trading hours on Monday, hitting $23.10. The stock had a trading volume of 7,630 shares, compared to its average volume of 109,393. Smith Douglas Homes has a 1-year low of $20.55 and a 1-year high of $39.50. The business has a 50 day simple moving average of $30.36 and a two-hundred day simple moving average of $31.94.

Insider Buying and Selling at Smith Douglas Homes

In other Smith Douglas Homes news, Director Jeffrey T. Jackson purchased 8,605 shares of the stock in a transaction dated Tuesday, November 19th. The shares were bought at an average cost of $29.77 per share, with a total value of $256,170.85. Following the completion of the acquisition, the director now 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Federated Hermes Inc. raised its position in Smith Douglas Homes by 5.5% in the second quarter. Federated Hermes Inc. now owns 527,300 shares of the company’s stock worth $12,328,000 after acquiring an additional 27,300 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Smith Douglas Homes by 1.9% in the second quarter. Massachusetts Financial Services Co. MA now owns 450,193 shares of the company’s stock worth $10,526,000 after acquiring an additional 8,193 shares in the last quarter. Renaissance Technologies LLC raised its position in Smith Douglas Homes by 260.2% in the second quarter. Renaissance Technologies LLC now owns 33,500 shares of the company’s stock worth $783,000 after acquiring an additional 24,200 shares in the last quarter. Sei Investments Co. raised its holdings in Smith Douglas Homes by 39.4% during the 2nd quarter. Sei Investments Co. now owns 47,629 shares of the company’s stock worth $1,114,000 after buying an additional 13,451 shares during the period. Finally, Marshall Wace LLP raised its holdings in Smith Douglas Homes by 17.0% during the 2nd quarter. Marshall Wace LLP now owns 89,770 shares of the company’s stock worth $2,099,000 after buying an additional 13,036 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.