on the market and its traded volume rose up to over 276 thousand shares. As compared to the CHCI’s average volume of 70 thousand shares, its current value appears to be a great success for the stock.According to China Analyst, Comstock Homebuilding is “the 2nd best-performing stock year-to-date in this segment of the market”, as it has risen 88.96% since the beginning of 2010.[BANNER]
Based on the present progress of the stock, it looks like the investors’ interest in CHCI has been proven. Though, it’s still not clear enough what’s behind the current high move.
Comstock Homebuilding Companies, Inc. is a publicly traded real estate development firm with a focus on a variety of for-sale residential products. The last news released by the company, was the announcement of its CFO’s leaving. As CHCI stated, Mr. Dauer’s resigns “to pursue other personal and professional interests”, not as a result of any disagreement. The new CFO is still unknown and there is no other news on the company, except for a still unconfirmed corporate event announcement.
Historical records point that CHCI has traded lower at the beginning of this year. In April the price rose up to $3.75 per share, though after that it moved down again. Now it’s making a progress, however no one can be certain about its future development.
The 2010 first quarter results of the company show that its revenues have increased by 16.1% as compared to the year before, though the gross profit has declined. CHCI still has more assets than liabilities available, but it has suffered operating loss and a long-term debt it should cover. However, the quarterly net income appears to be lower.
Presently, CHCI operates only in the Washington, D.C. market, where it targets first-time, early move-up and secondary move-up buyers. The company claims that its Strategic Realignment Plan, implemented in 2009, “has greatly enhanced our ability to return Comstock to profitability on a regular basis in the near future”.
