Hovnanian Enterprises (NYSE:HOV) Shares Down 4.2% – Time to Sell?

Hovnanian Enterprises Inc (NYSE:HOV)’s share price was down 4.2% on Friday . The stock traded as low as $101.22 and last traded at $101.6050. Approximately 28,375 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 110,649 shares. The stock had previously closed at $106.03.

Wall Street Analyst Weigh In

Several brokerages have recently commented on HOV. Wedbush reiterated a “neutral” rating and issued a $120.00 target price on shares of Hovnanian Enterprises in a research report on Wednesday, August 27th. Weiss Ratings restated a “hold (c)” rating on shares of Hovnanian Enterprises in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Hovnanian Enterprises from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Finally, Zacks Research raised shares of Hovnanian Enterprises from a “strong sell” rating to a “hold” rating in a report on Monday, November 10th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $120.00.

Hovnanian Enterprises Trading Down 4.2%

The firm’s fifty day moving average price is $120.00 and its 200-day moving average price is $123.09. The company has a market cap of $598.48 million, a price-to-earnings ratio of 13.57 and a beta of 2.10. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.62 and a quick ratio of 0.36.

Hedge Funds Weigh In On Hovnanian Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in HOV. State of Alaska Department of Revenue bought a new stake in Hovnanian Enterprises during the 3rd quarter valued at $35,000. Osaic Holdings Inc. increased its holdings in shares of Hovnanian Enterprises by 72.1% during the second quarter. Osaic Holdings Inc. now owns 432 shares of the construction company’s stock valued at $45,000 after purchasing an additional 181 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of Hovnanian Enterprises by 614.1% during the second quarter. Tower Research Capital LLC TRC now owns 557 shares of the construction company’s stock valued at $58,000 after purchasing an additional 479 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Hovnanian Enterprises by 553.9% in the second quarter. GAMMA Investing LLC now owns 994 shares of the construction company’s stock worth $104,000 after purchasing an additional 842 shares during the period. Finally, AlphaQuest LLC lifted its holdings in Hovnanian Enterprises by 10,727.3% in the second quarter. AlphaQuest LLC now owns 1,191 shares of the construction company’s stock worth $125,000 after purchasing an additional 1,180 shares during the period. 65.40% of the stock is owned by institutional investors.

About Hovnanian Enterprises

Hovnanian Enterprises, Inc is a publicly traded homebuilding company primarily engaged in the acquisition, development and construction of residential properties. Headquartered in Red Bank, New Jersey, the company operates through a network of regional homebuilding divisions that design and deliver a range of housing solutions, including single-family detached homes, townhomes and condominiums. Hovnanian combines land development, architectural design and construction services with in-house mortgage and insurance offerings to provide a comprehensive homebuying experience.

The company markets its communities under several branded product lines tailored to different buyer segments and price points.