Hovnanian Enterprises (NYSE:HOV) Shares Gap Up – Here’s What Happened

Hovnanian Enterprises Inc (NYSE:HOV) gapped up before the market opened on Friday. The stock had previously closed at $115.01, but opened at $120.31. Hovnanian Enterprises shares last traded at $116.4710, with a volume of 16,075 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on HOV shares. Weiss Ratings cut Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, August 31st. Citigroup reissued a “market underperform” rating on shares of Hovnanian Enterprises in a research report on Friday, August 21st. Two research 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, Hovnanian Enterprises presently has an average rating of “Reduce” and an average price target of $74.00.

Hovnanian Enterprises Trading Up 0.5%

The stock’s fifty day simple moving average is $124.39 and its two-hundred day simple moving average is $119.39. The firm has a market cap of $688.62 million, a PE ratio of 121.78 and a beta of 1.82. The company has a quick ratio of 0.36, a current ratio of 1.46 and a debt-to-equity ratio of 0.05.

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

Institutional Investors Weigh In On Hovnanian Enterprises

Hedge funds have recently added to or reduced their stakes in the stock. Public Employees Retirement System of Ohio bought a new position in shares of Hovnanian Enterprises during the second quarter valued at $43,000. State of Wyoming bought a new position in Hovnanian Enterprises in the 1st quarter worth about $62,000. Legal Advantage Investments Inc. purchased a new stake in Hovnanian Enterprises during the 1st quarter valued at about $216,000. Squarepoint Ops LLC purchased a new stake in Hovnanian Enterprises during the 2nd quarter valued at about $301,000. Finally, Sterling Capital Management LLC increased its stake in Hovnanian Enterprises by 733.1% during the 1st quarter. Sterling Capital Management LLC now owns 2,291 shares of the construction company’s stock valued at $254,000 after purchasing an additional 2,016 shares in the last quarter. 65.40% of the stock is owned by institutional investors.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a residential homebuilding company that designs, constructs and sells new homes in the United States. Its offerings include single-family homes, townhomes and other attached housing, as well as communities designed for active-adult and age-targeted buyers. The company serves a range of customer segments, including first-time, move-up and luxury homebuyers.

Founded in 1959 by Kevork S. Hovnanian, the company has expanded from its New Jersey roots into selected markets across the Northeast, Mid-Atlantic and Southeast regions of the United States, along with other markets served through its operating divisions.