Hovnanian Enterprises (NYSE:HOV) Shares Up 13.4%

Hovnanian Enterprises, Inc. (NYSE:HOV)’s share price shot up 13.4% during mid-day trading on Monday . The company traded as high as $6.41 and last traded at $6.25, 232,162 shares traded hands during mid-day trading. An increase of 90% from the average session volume of 121,883 shares. The stock had previously closed at $5.51.

Separately, ValuEngine upgraded Hovnanian Enterprises from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 1st.

The stock has a 50 day moving average of $6.81 and a 200-day moving average of $7.48. The firm has a market capitalization of $32.73 million, a P/E ratio of 8.33 and a beta of 1.79.

Hovnanian Enterprises (NYSE:HOV) last announced its quarterly earnings results on Thursday, June 6th. The construction company reported ($2.56) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.77) by ($0.79). Hovnanian Enterprises had a net margin of 0.66% and a negative return on equity of 2.03%. The company had revenue of $440.69 million for the quarter. On average, equities research analysts forecast that Hovnanian Enterprises, Inc. will post 0.05 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in HOV. Geode Capital Management LLC increased its position in shares of Hovnanian Enterprises by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 1,223,803 shares of the construction company’s stock valued at $836,000 after buying an additional 64,190 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of Hovnanian Enterprises during the first quarter valued at about $669,000. JPMorgan Chase & Co. increased its position in shares of Hovnanian Enterprises by 1,654.5% during the second quarter. JPMorgan Chase & Co. now owns 55,917 shares of the construction company’s stock valued at $403,000 after buying an additional 52,730 shares during the period. Bank of America Corp DE increased its position in shares of Hovnanian Enterprises by 11.3% during the fourth quarter. Bank of America Corp DE now owns 513,268 shares of the construction company’s stock valued at $351,000 after buying an additional 52,147 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Hovnanian Enterprises by 28.5% during the second quarter. Vanguard Group Inc. now owns 205,546 shares of the construction company’s stock valued at $1,562,000 after buying an additional 45,539 shares during the period. Hedge funds and other institutional investors own 23.21% of the company’s stock.

Hovnanian Enterprises Company Profile (NYSE:HOV)

Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company builds and markets homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 123 communities in 25 markets.

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