Hovnanian Enterprises (NYSE:HOV) Shares Up 4.6% – Here’s What Happened

Shares of Hovnanian Enterprises Inc (NYSE:HOV) shot up 4.6% on Monday . The stock traded as high as $99.53 and last traded at $99.66. 164,295 shares were traded during mid-day trading, an increase of 93% from the average session volume of 84,931 shares. The stock had previously closed at $95.27.

Wall Street Analyst Weigh In

HOV has been the subject of several recent analyst reports. Wall Street Zen lowered Hovnanian Enterprises from a “hold” rating to a “sell” rating in a research note on Wednesday, May 21st. Wedbush reiterated a “neutral” rating and set a $120.00 target price on shares of Hovnanian Enterprises in a research report on Wednesday, June 11th.

Hovnanian Enterprises Stock Performance

The stock has a market capitalization of $607.90 million, a P/E ratio of 3.61 and a beta of 2.15. The stock has a 50 day simple moving average of $97.28 and a two-hundred day simple moving average of $114.06. The company has a quick ratio of 0.28, a current ratio of 1.58 and a debt-to-equity ratio of 0.11.

Hovnanian Enterprises (NYSE:HOV) last issued its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 EPS for the quarter, missing analysts’ consensus estimates of $2.45 by ($0.02). The firm had revenue of $686.47 million during the quarter, compared to analyst estimates of $733.20 million. Hovnanian Enterprises had a net margin of 7.03% and a return on equity of 33.18%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis.

Institutional Trading of Hovnanian Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of HOV. Quantbot Technologies LP acquired a new position in Hovnanian Enterprises in the 4th quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Hovnanian Enterprises in the 1st quarter worth approximately $80,000. KLP Kapitalforvaltning AS bought a new stake in shares of Hovnanian Enterprises in the 4th quarter valued at $120,000. Harbor Capital Advisors Inc. boosted its stake in shares of Hovnanian Enterprises by 1,655.2% in the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company’s stock valued at $107,000 after purchasing an additional 960 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Hovnanian Enterprises during the first quarter worth $109,000. Institutional investors own 65.40% of the company’s stock.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc, through its subsidiaries, designs, constructs, markets, and sells residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as clubhouses, swimming pools, tennis courts, tot lots, and open areas.