Hovnanian Enterprises (NYSE:HOV) Stock Price Down 5.6% – Should You Sell?

Hovnanian Enterprises Inc (NYSE:HOV) shares dropped 5.6% during mid-day trading on Monday . The company traded as low as $99.10 and last traded at $97.85. Approximately 42,832 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 109,679 shares. The stock had previously closed at $103.66.

Analyst Upgrades and Downgrades

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

Hovnanian Enterprises Trading Down 6.3%

The firm has a market cap of $571.95 million, a P/E ratio of 12.90 and a beta of 2.10. The business’s 50-day moving average is $124.02 and its two-hundred day moving average is $122.71. The company has a current ratio of 1.62, a quick ratio of 0.36 and a debt-to-equity ratio of 0.08.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Penn Capital Management Company LLC acquired a new stake in Hovnanian Enterprises in the third quarter worth $683,000. Mariner LLC grew its position in shares of Hovnanian Enterprises by 47.2% during the third quarter. Mariner LLC now owns 6,998 shares of the construction company’s stock worth $899,000 after acquiring an additional 2,243 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Hovnanian Enterprises by 20.9% in the 3rd quarter. Millennium Management LLC now owns 43,543 shares of the construction company’s stock worth $5,595,000 after acquiring an additional 7,525 shares during the period. Cannell & Spears LLC bought a new stake in Hovnanian Enterprises in the 3rd quarter valued at about $218,000. Finally, Centiva Capital LP acquired a new position in Hovnanian Enterprises during the 3rd quarter valued at about $292,000. Institutional investors and hedge funds 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.