Hovnanian Enterprises (NYSE:HOV) Sets New 52-Week Low – Here’s What Happened

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) reached a new 52-week low on Thursday . The stock traded as low as $120.51 and last traded at $123.86, with a volume of 68034 shares trading hands. The stock had previously closed at $125.91.

Analyst Upgrades and Downgrades

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

Hovnanian Enterprises Price Performance

The firm has a 50-day simple moving average of $161.24 and a 200-day simple moving average of $179.08. The firm has a market cap of $714.73 million, a P/E ratio of 3.68 and a beta of 2.70. The company has a current ratio of 1.45, a quick ratio of 0.27 and a debt-to-equity ratio of 0.20.

Insider Buying and Selling at Hovnanian Enterprises

In other Hovnanian Enterprises news, Director Edward A. Kangas sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $188.86, for a total value of $283,290.00. Following the completion of the sale, the director now directly owns 13,290 shares in the company, valued at $2,509,949.40. This trade represents a 10.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Ara K. Hovnanian sold 644 shares of the company’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 transaction, the chief executive officer now directly owns 45,635 shares in the company, valued at approximately $8,898,368.65. The trade was 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 insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in HOV. Allspring Global Investments Holdings LLC purchased a new stake in Hovnanian Enterprises in the third quarter valued at about $33,000. FMR LLC raised its position in shares of Hovnanian Enterprises by 20.6% in the 3rd quarter. FMR LLC now owns 346 shares of the construction company’s stock valued at $71,000 after purchasing an additional 59 shares during the last quarter. CWM LLC boosted its stake in Hovnanian Enterprises by 89.6% in the 3rd quarter. CWM LLC now owns 749 shares of the construction company’s stock worth $153,000 after purchasing an additional 354 shares in the last quarter. Creative Planning purchased a new stake in Hovnanian Enterprises during the 3rd quarter worth approximately $202,000. Finally, B. Riley Wealth Advisors Inc. acquired a new position in Hovnanian Enterprises during the 3rd quarter valued at approximately $205,000. 65.40% of the stock is currently owned by hedge funds and other institutional investors.

Hovnanian Enterprises Company Profile

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.