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

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price 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 changing hands.

Wall Street Analysts Forecast Growth

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

Hovnanian Enterprises Price Performance

The firm has a 50-day moving average of $124.39 and a 200 day moving average of $119.39. The company has a market capitalization of $688.62 million, a PE ratio of 121.78 and a beta of 1.82. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.46 and a quick ratio of 0.36.

Hovnanian Enterprises (NYSE:HOV) last issued its earnings results 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 business had revenue of $705.75 million during the quarter, compared to analysts’ expectations of $723.50 million. Hovnanian Enterprises had a return on equity of 8.64% and a net margin of 0.64%.During the same period last year, the firm posted $1.99 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC raised its holdings in Hovnanian Enterprises by 46.5% in the 1st quarter. Empowered Funds LLC now owns 73,146 shares of the construction company’s stock worth $8,113,000 after purchasing an additional 23,234 shares during the period. Sei Investments Co. grew its holdings in Hovnanian Enterprises by 101.9% during the first quarter. Sei Investments Co. now owns 35,288 shares of the construction company’s stock valued at $3,914,000 after purchasing an additional 17,811 shares during the period. Globeflex Capital L P bought a new stake in Hovnanian Enterprises during the second quarter valued at about $2,497,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Hovnanian Enterprises in the second quarter worth about $1,225,000. Finally, Pacer Advisors Inc. increased its position in Hovnanian Enterprises by 21.2% in the fourth quarter. Pacer Advisors Inc. now owns 42,063 shares of the construction company’s stock worth $4,103,000 after buying an additional 7,353 shares in the last quarter. 65.40% of the stock is owned by hedge funds and other institutional investors.

About Hovnanian Enterprises

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.