David Einhorn of Greenlight Partners said in the firm's Q3 letter to investors that Green Brick Partners (GRBK) was the primary driver of its results this quarter as its stock rose to $16.10 from $11.85.
Housing appears to be a major beneficiary from the pandemic, and Green Brick is well-positioned in "secularly growing" markets including Dallas, Atlanta, Colorado Springs, and Vero Beach, Einhorn wrote. He believes the shares remain "deeply undervalued" at nine times estimates as its "business momentum continues to accelerate."
Shares of Green Brick are down 17c to $17.56 in morning trading.
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