Harbor Custom Development shares soar after weak quarterly report

Harbor Custom Development

15/05/2023 16:55

** Shares in Harbor Custom Development  HCDI.O  up 25.0% at
$7.50 even after a weak Q1 report as its loss balloons and its
revenue tumbles from year-ago quarter
    ** The real estate co whose stock has been hugely volatile
in recent sessions, said its loss/per share widened to $9.39 vs
a loss/shr of $0.56 in year-ago quarter while sales tumbled
67.9% to $9.2 mln from $28.6 mln in Q1 of 2022
    ** In earnings statement HCDI's CEO Sterling Griffin after 
record Q1 2022 this Q1 "unfavorably impacted by ongoing
challenges in the broader housing market, including higher
mortgage interest rates and inflationary pressures." Says took
and will take cost control initiatives to maintain balance sheet
health
    ** The stock, in which trading was halted was actively
traded on Monday with volume already at 0.7 times 10-DMA
    ** After closing down 31% at $6 on Friday, it hit a high of
$10.89 on Monday; on Wednesday the stock rose 79% 
    ** HCDI up ~95% for the first half of May. Shares up 1.2%
for the year-to-date after falling sharply previous 2 years. 
    ** About 10% of HCDI shares currently sold short according
to Refinitiv, which shows pct of shares sold short at just 4.9%
in mid-March. 

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))