Cavco Industries, Inc. (NASDAQ:CVCO) hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $137.71, said Modern Readers.
“Several brokerages have recently issued reports on CVCO. BidaskClub downgraded Cavco Industries from a “sell” rating to a “strong sell” rating in a research report on Wednesday,” that source said.
The Daily Business News on MHProNews noted on Thursday from a legal source that certain changes in their corporate bylaws appear to be in preparation for legal “incoming.” That “incoming” is a result of what a Cavco insider told MHProNews was the “debacle” of their now-former President and Chairman, Joe Stegmayer, being issued a subpoena from the Securities and Exchange Commission (SEC) involving a trade. See the related report immediately below, and others that can be accessed after the by line by clicking the linked boxes.
The revelation of Third Avenue Value Fund selling their position on CVCO has likely added to the rout. A reported insider trade certainly didn’t help. The most recent report on the developing issue can be accessed via the linked box, below.
Headlines and Tweets are Moving Investors…
The nation’s investors have noted how mere tweets by or about Elon Musk could cause shares of Tesla to move up or down. Another example is how a headline that Warren Buffett, Jeff Bezos, and Jamie Dimon last year we’re exploring a healthcare initiative sent healthcare stocks down, and dragged the markets with it.
There is an open question at this point if Cavco is now a ‘value,’ or is awaiting the next headline that could push its stock lower still.
Manufactured housing is needed, but the vagaries of the markets are something savvy investors must consider.
In this environment, perhaps it is no surprise that Legacy Housing (LEGH) did well on its initial public offering (IPO), on the same day that CVCO hit its 12-month bottom. For that report, including an exclusive from Legacy, plus the rest of Friday’s manufactured home connected stocks closing numbers, click the link below.
As a disclosure, MHProNews’ management holds no position on any manufactured home tracked stock and has no plan to open a position in the near term. Our reports are independent. “We Provide, You Decide.” © ## (News , analysis, and commentary.)
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