Hovnanian Enterprises (NYSE:HOV) Shares Up 9.8% – Still a Buy?

Hovnanian Enterprises, Inc. (NYSE:HOV)’s stock price rose 9.8% during trading on Tuesday . The company traded as high as $131.23 and last traded at $131.23. Approximately 36,093 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 72,283 shares. The stock had previously closed at $119.55.

Wall Street Analyst Weigh In

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

Hovnanian Enterprises Price Performance

The firm has a market capitalization of $801.08 million, a P/E ratio of 4.12 and a beta of 2.70. The business’s 50-day simple moving average is $158.86 and its 200 day simple moving average is $179.32. The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20.

Institutional Investors Weigh In On Hovnanian Enterprises

A number of hedge funds and other institutional investors have recently modified their holdings of HOV. FMR LLC boosted its position in Hovnanian Enterprises by 20.6% during the 3rd 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. Koss Olinger Consulting LLC grew its stake in Hovnanian Enterprises by 3.5% in the third quarter. Koss Olinger Consulting LLC now owns 3,404 shares of the construction company’s stock worth $696,000 after purchasing an additional 115 shares during the period. The Manufacturers Life Insurance Company grew its stake in Hovnanian Enterprises by 8.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,928 shares of the construction company’s stock worth $274,000 after purchasing an additional 145 shares during the period. Allspring Global Investments Holdings LLC bought a new position in Hovnanian Enterprises in the third quarter worth $33,000. Finally, Cerity Partners LLC lifted its position in Hovnanian Enterprises by 7.8% during the third quarter. Cerity Partners LLC now owns 2,624 shares of the construction company’s stock valued at $536,000 after buying an additional 190 shares during the period. Institutional investors 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.