Thomas Hartfield, a director at Landsea Homes Corp (NASDAQ:LSEA), recently sold shares of the company, according to a regulatory filing. On November 21, Hartfield disposed of 5,000 shares of common stock at a weighted average price of $10.62 per share, totaling approximately $53,099. This transaction was executed in multiple trades at prices ranging from $10.42 to $10.81. Following the sale, Hartfield retains ownership of 59,181 shares in the company.
In other recent news, Landsea Homes Corporation reported a significant increase in its Q3 2024 performance. The company's net income rose by 29% to $11.1 million, and earnings per share saw a 36% increase to $0.30. Home sales revenue also grew by 26% to $325.6 million, thanks to a 40% rise in deliveries, which totaled 629 homes. These recent developments indicate a solid growth trajectory for the company.
In addition, Landsea Homes reported a strong backlog and successful expansion in key markets such as Florida, Texas, Colorado, Arizona, and California. The company's full-year deliveries are estimated to be between 2,890 and 3,000 units, with average sales prices projected between $520,000 and $535,000. Landsea Homes is also aiming to reduce its debt-to-capital ratio to the mid-40% range by the end of Q1 2025.
Despite these positive developments, the company acknowledges that incentives remain near 6% of revenue and are expected to stay elevated. However, with a strong backlog of 691 homes valued at $373.1 million and an improved liquidity position of $263 million, Landsea Homes appears to be well-positioned for future success.
InvestingPro Insights
In light of Thomas Hartfield's recent sale of Landsea Homes Corp (NASDAQ:LSEA) shares, it's worth examining some key financial metrics and insights provided by InvestingPro. The company's market capitalization stands at $425.6 million, with a P/E ratio of 16.05, suggesting a moderate valuation relative to earnings.
Interestingly, Landsea Homes has shown strong revenue growth, with a 22.04% increase in quarterly revenue as of Q3 2024. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year. However, the company's gross profit margin of 17.11% is relatively low, which is reflected in another InvestingPro Tip noting that Landsea suffers from weak gross profit margins.
Despite these challenges, Landsea Homes has been profitable over the last twelve months, with a diluted EPS of $0.73. The company's stock has also shown significant short-term momentum, with an 8.84% return over the last week. This recent performance is highlighted in an InvestingPro Tip, which notes the significant return over the last week.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 5 more tips available for Landsea Homes. These tips could provide valuable context for understanding the company's financial health and future prospects in light of the recent insider sale.
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