La Rosa Holdings Corp. (NASDAQ: LRHC) Stock Rockets After Preliminary 9-Month Updates
If you are looking into stocks that made notable gains yesterday, then the La Rosa Holdings Corp. (NASDAQ: LRHC) stock is expected to be on your list. The stock was in sharp focus yesterday as it delivered gains of 130% amidst strong interest.
The Trigger
On Wednesday, the company announced its unaudited revenue for the first nine months of 2024. The revenues for the period came to a total of $45 million, which reflected growth of around 120% from the same period in 2023. In the news release, it was noted that the growth in revenues in the 2024 period had been brought about by the acquisition of real estate brokerage franchises as well as a rise in agent count.
Key Information
It was also revealed that not too long ago La Rosa Holdings inked a letter of intent with regards to the acquisition of a real estate brokerage firm that had delivered revenues of $19 million in the 2023 fiscal year.
Moreover, the acquisition target also boasted of having in excess of 950 agents spread across a number of states. The company is also known for providing a SaaS (software as a service) platform meant for assisting real estate agents. There was considerable positivity about the stock on Wednesday, and it now remains to be seen if it continues to deliver over the coming days.
Management Comment
Joe La Rosa, CEO of La Rosa, commented, “Our growth rate accelerated during the first nine months of 2024, driven by exceptional year-over-year performance, as compared to the same period in 2023, resulting from the acquisition of real estate brokerage franchisees and an increase in agent count. We recently announced a Letter of Intent (LOI) to acquire a real estate brokerage firm that generated over $19 million in revenue for 2023 and has more than 950 agents across multiple states. The firm also offers a proprietary cloud-based software-as-a-service (SaaS) platform designed specifically for real estate agents. This potential acquisition aligns with our vision of advancing technology-driven real estate solutions, expanding our market presence, and delivering greater value to agents through innovative, integrated platforms.”
Technicals
| +/- EMA(20) | 0.7 (+32.81%) |
| +/- SMA(50) | 0.78 (+19.19%) |
| +/- SMA(200) | 1.36 (-31.64%) |
| 5-Day Perf. | +85.94% |
| 1-Month Perf. | +38.47% |
| 3-Month Perf. | -30.62% |
| 6-Month Perf. | -45.63% |
| YTD Perf. | -38.02% |
| 1-Year Perf. | -40.78% |
| RSI(14) | 61.06 |
| ATR(14) | 0.15 |
| ADX(14) | 47.62 |