Hovnanian Enterprises (NYSE:HOV) Trading Down 5.1% – What’s Next?

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) dropped 5.1% during trading on Thursday . The company traded as low as $126.52 and last traded at $127.03. Approximately 46,480 shares traded hands during trading, a decline of 43% from the average daily volume of 81,266 shares. The stock had previously closed at $133.82.

Wall Street Analysts Forecast Growth

Separately, Wedbush reissued a “neutral” rating and set a $155.00 price target on shares of Hovnanian Enterprises in a research report on Monday, December 16th.

Hovnanian Enterprises Stock Performance

The company has a debt-to-equity ratio of 0.20, a current ratio of 1.45 and a quick ratio of 0.27. The business has a 50 day moving average price of $167.20 and a 200 day moving average price of $180.11. The stock has a market capitalization of $763.33 million, a PE ratio of 3.93 and a beta of 2.62.

Insider Buying and Selling

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 1,500 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $188.86, for a total transaction of $283,290.00. Following the completion of the sale, the director now directly owns 13,290 shares in the company, valued at approximately $2,509,949.40. The trade was a 10.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ara K. Hovnanian sold 644 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $194.99, for a total value of $125,573.56. Following the completion of the transaction, the chief executive officer now owns 45,635 shares in the company, valued at approximately $8,898,368.65. This trade represents a 1.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 17.67% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Hovnanian Enterprises in the third quarter valued at about $33,000. FMR LLC grew its stake in Hovnanian Enterprises by 20.6% during the third quarter. FMR LLC now owns 346 shares of the construction company’s stock valued at $71,000 after acquiring an additional 59 shares in the last quarter. CWM LLC increased its holdings in Hovnanian Enterprises by 89.6% in the 3rd quarter. CWM LLC now owns 749 shares of the construction company’s stock valued at $153,000 after acquiring an additional 354 shares during the last quarter. Creative Planning purchased a new stake in Hovnanian Enterprises in the 3rd quarter worth $202,000. Finally, B. Riley Wealth Advisors Inc. bought a new position in shares of Hovnanian Enterprises during the 3rd quarter valued at about $205,000. 65.40% of the stock is currently owned by 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.