Comstock Holding (CHCI) Stock: Why The Price Surged

By Amit Chowdhry ● Nov 17, 2021
  • The stock price of Comstock Holding Companies Inc (NASDAQ: CHCI) increased by 22.45% in the most recent trading session. This is why it happened.

The stock price of Comstock Holding Companies Inc (NASDAQ: CHCI) increased by 22.45% in the most recent trading session. Investors are responding positively to the company’s Q3 2021 results.

Q3 2021 Highlights Compared To Q3 2020:

— Total revenue from continuing operations increased by 73% to $10.2 million during the third quarter of 2021, as compared to $5.9 million during the same period of the prior year.

— Operating income from continuing operations increased by 525% to $3.1 million during the third quarter of 2021, as compared to $0.5 million during the same period of the prior year.

— Net income increased by 590% to $2.9 million during the third quarter of 2021, as compared to $0.4 million during the same period of the prior year.

— Highlights of nine months ended September 30, 2021, as compared to nine months ended September 30, 2020:

— Total revenue from continuing operations increased by 47% to $23.3 million during the nine months ended September 30, 2021, as compared to $15.8 million during the same period of the prior year.

— Operating income from continuing operations increased by 116% to $4.1 million during the nine months ended September 30, 2021, as compared to $1.9 million during the same period of the prior year.

— Net income increased by 803% to $14.4 million during the nine months ended September 30, 2021, as compared to $1.6 million during the same period of the prior year.

KEY QUOTE:

“Comstock’s results this quarter further demonstrate the benefits of our asset-light, revenue-generating strategy that is designed to provide above-average return on invested capital with minimal exposure to market risks. I am confident that our experienced management team, our vertically integrated operating platform, and our market-leading portfolio of strategically located transit-oriented assets in one of America’s best real estate markets positions Comstock well to continue delivering positive results. I look forward to reporting on our continued progress in coming periods.”

— Christopher Clemente, Chairman and CEO of Comstock Holding Companies

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.