Hovnanian Enterprises (NYSE:HOV) Stock Price Up 6.8% – Time to Buy?

Hovnanian Enterprises Inc (NYSE:HOV)’s stock price traded up 6.8% during trading on Thursday. The stock traded as high as $100.96 and last traded at $102.1670. 10,930 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 117,564 shares. The stock had previously closed at $95.63.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Weiss Ratings cut shares of Hovnanian Enterprises from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 31st. Citigroup reissued a “market underperform” rating on shares of Hovnanian Enterprises in a 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. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $74.00.

Hovnanian Enterprises Stock Down 3.4%

The business’s fifty day moving average price is $118.52 and its two-hundred day moving average price is $119.19. The company has a debt-to-equity ratio of 0.05, a quick ratio of 0.36 and a current ratio of 1.46. The firm has a market capitalization of $581.35 million, a P/E ratio of 102.68 and a beta of 1.82.

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

Hedge Funds Weigh In On Hovnanian Enterprises

Several institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Hovnanian Enterprises by 24.8% during the 3rd quarter. GAMMA Investing LLC now owns 473 shares of the construction company’s stock valued at $53,000 after purchasing an additional 94 shares during the last quarter. First Trust Advisors LP grew 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 worth $1,647,000 after buying an additional 170 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Hovnanian Enterprises during the 2nd quarter worth $43,000. Allspring Global Investments Holdings LLC grew its stake in Hovnanian Enterprises by 11.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,846 shares of the construction company’s stock worth $429,000 after buying an additional 393 shares during the last quarter. Finally, State of Wyoming acquired a new position in Hovnanian Enterprises during the 1st quarter valued at about $62,000. 65.40% of the stock is owned by hedge funds and other institutional investors.

Hovnanian Enterprises Company Profile

Hovnanian Enterprises, Inc is a residential homebuilder that operates under the K. Hovnanian Homes brand. The company designs, constructs and markets new homes, including single-family detached houses, townhomes, condominiums and active-adult communities. Its homes are offered in a range of sizes, styles and price points to serve first-time buyers, move-up buyers and customers seeking age-restricted housing.

The company also provides related services that support its homebuilding operations, including mortgage financing and title and settlement services, where available.