Hovnanian Enterprises (NYSE:HOV) Shares Gap Down – What’s Next?

Hovnanian Enterprises Inc (NYSE:HOV) shares gapped down before the market opened on Friday . The stock had previously closed at $120.87, but opened at $116.00. Hovnanian Enterprises shares last traded at $122.8850, with a volume of 30,658 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citizens Jmp assumed coverage on Hovnanian Enterprises in a research note on Thursday, April 9th. They set a “market underperform” rating and a $74.00 price target on the stock. Wall Street Zen upgraded Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings lowered Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Hovnanian Enterprises has a consensus rating of “Reduce” and a consensus target price of $97.00.

Hovnanian Enterprises Trading Up 2.7%

The company has a market cap of $737.03 million, a price-to-earnings ratio of 34.09 and a beta of 1.84. The company’s fifty day moving average price is $110.16 and its two-hundred day moving average price is $113.03. The company has a quick ratio of 0.40, a current ratio of 1.50 and a debt-to-equity ratio of 0.05.

Hovnanian Enterprises (NYSE:HOV) last posted its quarterly earnings data on Thursday, May 21st. The construction company reported ($0.46) earnings per share for the quarter, topping the consensus estimate of ($2.04) by $1.58. The company had revenue of $667.65 million during the quarter, compared to analyst estimates of $626.40 million. Hovnanian Enterprises had a net margin of 1.25% and a return on equity of 11.23%.

Institutional Trading of Hovnanian Enterprises

Several hedge funds have recently modified their holdings of the company. Intech Investment Management LLC increased its holdings in shares of Hovnanian Enterprises by 6.5% during the fourth quarter. Intech Investment Management LLC now owns 2,340 shares of the construction company’s stock worth $228,000 after buying an additional 142 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Hovnanian Enterprises by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 9,283 shares of the construction company’s stock worth $1,193,000 after buying an additional 144 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Hovnanian Enterprises by 5.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 2,979 shares of the construction company’s stock worth $312,000 after buying an additional 156 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Hovnanian Enterprises by 4.1% during the fourth quarter. Deutsche Bank AG now owns 4,134 shares of the construction company’s stock worth $403,000 after buying an additional 163 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of Hovnanian Enterprises by 1.2% during the first quarter. First Trust Advisors LP now owns 14,847 shares of the construction company’s stock worth $1,647,000 after buying an additional 170 shares in the last quarter. Institutional investors and hedge funds own 65.40% of the company’s stock.

About Hovnanian Enterprises

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.