Hovnanian Enterprises (NYSE:HOV) Trading Down 4.1% – Here’s Why

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price was down 4.1% on Monday . The stock traded as low as $150.37 and last traded at $150.37. Approximately 38,421 shares traded hands during trading, a decline of 52% from the average daily volume of 79,746 shares. The stock had previously closed at $156.86.

Analysts Set New Price Targets

Several research analysts recently commented on HOV shares. Wedbush reiterated a “neutral” rating and issued a $155.00 price target on shares of Hovnanian Enterprises in a research note on Monday. StockNews.com downgraded shares of Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd.

Hovnanian Enterprises Price Performance

The company has a market capitalization of $890.99 million, a P/E ratio of 4.89 and a beta of 2.62. The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20. The business has a 50 day simple moving average of $182.16 and a 200-day simple moving average of $181.62.

Insider Buying and Selling at Hovnanian Enterprises

In related news, CEO Ara K. Hovnanian sold 123 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $220.13, for a total transaction of $27,075.99. Following the completion of the transaction, the chief executive officer now owns 47,156 shares of the company’s stock, valued at $10,380,450.28. This trade represents a 0.26 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director J Larry Sorsby sold 4,062 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $225.61, for a total transaction of $916,427.82. Following the completion of the sale, the director now directly owns 127,982 shares of the company’s stock, valued at $28,874,019.02. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,737 shares of company stock worth $2,243,218. 17.67% of the stock is owned by company insiders.

Institutional Trading of Hovnanian Enterprises

A number of hedge funds have recently bought and sold shares of HOV. Charles Schwab Investment Management Inc. grew its holdings in shares of Hovnanian Enterprises by 92.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company’s stock valued at $10,212,000 after buying an additional 23,990 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Hovnanian Enterprises during the 3rd quarter valued at about $687,000. Nisa Investment Advisors LLC increased its holdings in shares of Hovnanian Enterprises by 425,175.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 17,011 shares of the construction company’s stock valued at $2,414,000 after purchasing an additional 17,007 shares during the period. Truist Financial Corp purchased a new stake in shares of Hovnanian Enterprises in the second quarter worth approximately $352,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Hovnanian Enterprises by 88.1% during the second quarter. Victory Capital Management Inc. now owns 14,334 shares of the construction company’s stock worth $2,034,000 after purchasing an additional 6,715 shares during the period. 65.40% of the stock is owned by hedge funds and other institutional investors.

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.