Hovnanian Enterprises (NYSE:HOV) Stock Price Up 6% – Here’s Why

Hovnanian Enterprises Inc (NYSE:HOV)’s share price traded up 6% during mid-day trading on Thursday. The stock traded as high as $95.06 and last traded at $97.7620. 18,581 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 118,732 shares. The stock had previously closed at $92.20.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on HOV shares. Citigroup reissued a “market underperform” rating on shares of Hovnanian Enterprises in a research note on Friday, August 21st. Weiss Ratings downgraded shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $74.00.

Hovnanian Enterprises Trading Down 0.0%

The stock’s 50 day moving average is $114.61 and its 200-day moving average is $118.68. The company has a market cap of $603.65 million, a P/E ratio of 106.62 and a beta of 1.82. The company has a current ratio of 1.46, a quick ratio of 0.36 and a debt-to-equity ratio of 0.05.

Hovnanian Enterprises (NYSE:HOV) last released its quarterly earnings data on Thursday, August 20th. The construction company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.14). The firm had revenue of $705.75 million for the quarter, compared to the consensus estimate of $723.50 million. Hovnanian Enterprises had a net margin of 0.64% and a return on equity of 8.64%. During the same quarter in the prior year, the business posted $1.99 earnings per share.

Hedge Funds Weigh In On Hovnanian Enterprises

A number of hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its position in shares of Hovnanian Enterprises by 46.5% during the first quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock valued at $8,113,000 after buying an additional 23,234 shares during the last quarter. Sei Investments Co. raised its position in Hovnanian Enterprises by 101.9% in the 1st quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock worth $3,914,000 after buying an additional 17,811 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Hovnanian Enterprises by 39.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 20,451 shares of the construction company’s stock valued at $2,912,000 after acquiring an additional 5,777 shares during the period. Globeflex Capital L P bought a new position in Hovnanian Enterprises during the 2nd quarter valued at about $2,497,000. Finally, First Trust Advisors LP lifted its stake in Hovnanian Enterprises by 1.2% during the 1st quarter. First Trust Advisors LP now owns 14,847 shares of the construction company’s stock valued at $1,647,000 after acquiring an additional 170 shares during the period. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a residential homebuilder that designs, constructs and sells single-family homes, townhomes and condominiums. The company markets homes under the K. Hovnanian’s brand and develops communities for a range of buyers, including first-time, move-up and active-adult purchasers.

Through its K. Hovnanian’s Four Seasons business, the company also develops age-qualified communities featuring amenities and home designs intended for active-adult lifestyles. Its communities generally include planned features such as clubhouses, recreational facilities and other neighborhood amenities.

Founded in 1959 by Kevork S.