Hovnanian Enterprises (NYSE:HOV) Trading 8.7% Higher – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV) shares traded up 8.7% on Friday . The stock traded as high as $115.00 and last traded at $115.4140. 24,752 shares were traded during mid-day trading, a decline of 70% from the average session volume of 83,258 shares. The stock had previously closed at $106.17.

Wall Street Analyst Weigh In

Several research firms recently commented on HOV. Wall Street Zen downgraded shares of Hovnanian Enterprises from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Zacks Research raised Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Hovnanian Enterprises in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average target price of $120.00.

Hovnanian Enterprises Stock Up 12.5%

The firm has a market capitalization of $710.43 million, a PE ratio of 16.10 and a beta of 2.20. The company’s 50 day simple moving average is $111.78 and its 200-day simple moving average is $123.55. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.40 and a current ratio of 1.58.

Hovnanian Enterprises (NYSE:HOV) last announced its earnings results on Thursday, December 4th. The construction company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by ($1.14). The business had revenue of $817.90 million during the quarter, compared to the consensus estimate of $814.50 million. Hovnanian Enterprises had a return on equity of 15.33% and a net margin of 2.14%.Hovnanian Enterprises’s revenue was down 16.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $13.84 earnings per share.

Institutional Trading of Hovnanian Enterprises

A number of hedge funds have recently made changes to their positions in HOV. State of Alaska Department of Revenue purchased a new position in Hovnanian Enterprises in the third quarter worth $35,000. Osaic Holdings Inc. boosted its holdings in shares of Hovnanian Enterprises by 72.1% in the 2nd quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock worth $45,000 after purchasing an additional 181 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Hovnanian Enterprises by 614.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock worth $58,000 after purchasing an additional 479 shares in the last quarter. GAMMA Investing LLC grew its position in Hovnanian Enterprises by 553.9% during the second quarter. GAMMA Investing LLC now owns 994 shares of the construction company’s stock valued at $104,000 after acquiring an additional 842 shares during the last quarter. Finally, AlphaQuest LLC raised its stake in shares of Hovnanian Enterprises by 10,727.3% during the second quarter. AlphaQuest LLC now owns 1,191 shares of the construction company’s stock worth $125,000 after acquiring an additional 1,180 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.