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

Hovnanian Enterprises, Inc. (NYSE:HOV) gapped up prior to trading on Wednesday . The stock had previously closed at $132.96, but opened at $142.02. Hovnanian Enterprises shares last traded at $141.88, with a volume of 19,984 shares changing hands.

Analyst Upgrades and Downgrades

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

Hovnanian Enterprises Stock Performance

The company has a market capitalization of $851.64 million, a price-to-earnings ratio of 4.38 and a beta of 2.70. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.34 and a current ratio of 1.52. The firm has a 50-day simple moving average of $156.18 and a two-hundred day simple moving average of $178.72.

Hedge Funds Weigh In On Hovnanian Enterprises

Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. acquired a new position in shares of Hovnanian Enterprises during the third quarter worth about $687,000. Charles Schwab Investment Management Inc. grew its position 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 worth $10,212,000 after buying an additional 23,990 shares in the last quarter. Truist Financial Corp acquired a new position in shares of Hovnanian Enterprises during the second quarter worth about $352,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Hovnanian Enterprises during the third quarter worth about $33,000. Finally, Forager Capital Management LLC grew its position in shares of Hovnanian Enterprises by 3.5% during the third quarter. Forager Capital Management LLC now owns 117,000 shares of the construction company’s stock worth $23,911,000 after buying an additional 4,000 shares in the last quarter. 65.40% of the stock is owned by institutional investors and hedge funds.

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.