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Harbor Custom Development, Inc. (HCDI) Stock Dipping in Aftermarket, Here’s the Reason

Harbor Custom Development, Inc. (HCDI) is a leading company involved in all features of land development cycle including purchase of land, its entitlements, project infrastructure construction, residential building, commercialization, and management of different residential programs. The company had also purchased land and started construction of homes in three latest markets.

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The price of HCDI stock during the regular trading on January 13, 2022 was $2.48 with a significant incline of 3.33%. At last check in the aftermarket, the stock was down by 9.27%.

HCDI: Events and Happenings

On January 13, 2022, HCDI reported that the company’s Executives will present at the Virtual Sidoti & Company Small Cap Conference being held on January 20, 2022. On January 03, 2022, HCDI reported about closure of construction loan worth $19.1 million with Broadmark Realty Capital for the first phase of 126 units of company’s 228-unit Olympic Sunset View Apartment platform.

On December 29, 2021, HCDI reported about its entry into a collaboration for the acquisition of 60 acres worth $7.4 million with LP and Bayonet Point Holdings. On December 27, 2021, HCDI reported about the closure of sale of 30 established lots in the development of Summit Rock golf course to Modern Homestead worth $6 million.

On December 22, 2021, HCDI reported about the closure of sale of 24 established lots in the Horizon at Semiahmoo sector to MainVue Homes worth $4.8 million. On December 20, 2021, HCDI reported about the entry into the collaboration with Laughlin Development for the acquisition of 66 undeveloped lots worth $2.9 million.

On December 17, 2021, HCDI reported about the anticipation of acceptance of Bitcoin and twelve additional crypto currencies as mode of imbursement for its listed land, established lots, family homes, and apartments in the HCDI’s operating markets which will begin on January 24, 2022. On December 03, 2021, HCDI reported about its entry into a collaboration of acquisition of 438-acre master-planned community known as Grandis Pond worth $14 million.

HCDI: Key Financials

On November 15, 2021, HCDI reported its financial results for the third quarter ended September 30, 2021. Some of the important highlights are as follows.

Net Loss per Share

Basic and diluted net income for the third quarter of 2021was $3.7 million or $0.21 per share as compared to net loss of $0.4 million or $0.10 per share, for the same period 2020.

Assets

Total assets of the company for Q3 2021 were $128 million.

Conclusion

The HCDI stock is 18% down as compared to past six months period because slowing down of economic activities during the pandemic. The current aftermarket decline in stock price is possibly due to the company’s recent announcement regarding its attendance at the investor conference. The analysts think that the company has the potential to attract the influx of investment by reshaping its strategic policies.

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