Hovnanian Enterprises (NYSE:HOV) Shares Down 5.4% - Should You Sell?

Shares of Hovnanian Enterprises, Inc. (NYSE:HOV - Get Free Report) dropped 5.4% during mid-day trading on Wednesday . The stock traded as low as $93.21 and last traded at $92.13. Approximately 9,655 shares changed hands during trading, a decline of 88% from the average daily volume of 80,506 shares. The stock had previously closed at $97.44.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wall Street Zen cut shares of Hovnanian Enterprises from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Zelman & Associates reissued an "underperform" rating on shares of Hovnanian Enterprises in a research report on Wednesday, February 12th. Finally, Wedbush restated a "neutral" rating and set a $120.00 price objective on shares of Hovnanian Enterprises in a research note on Tuesday, May 20th.

Hovnanian Enterprises Stock Down 0.9%

The stock has a fifty day simple moving average of $98.15 and a two-hundred day simple moving average of $123.98. The company has a current ratio of 1.52, a quick ratio of 0.34 and a debt-to-equity ratio of 0.14. The firm has a market cap of $536.98 million, a PE ratio of 2.82 and a beta of 2.28.

Hovnanian Enterprises (NYSE:HOV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The construction company reported $2.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.45 by ($0.02). Hovnanian Enterprises had a return on equity of 43.47% and a net margin of 8.05%. The business had revenue of $686.47 million during the quarter, compared to analysts' expectations of $733.20 million. The company's revenue was down 3.1% compared to the same quarter last year.

Institutional Investors Weigh In On Hovnanian Enterprises

Several hedge funds have recently bought and sold shares of the stock. Quantbot Technologies LP purchased a new position in Hovnanian Enterprises in the fourth quarter worth $25,000. Creative Financial Designs Inc. ADV purchased a new position in shares of Hovnanian Enterprises in the 1st quarter worth about $80,000. KLP Kapitalforvaltning AS purchased a new position in shares of Hovnanian Enterprises in the 4th quarter worth about $120,000. Harbor Capital Advisors Inc. increased its position in shares of Hovnanian Enterprises by 1,655.2% during the 1st quarter. Harbor Capital Advisors Inc. now owns 1,018 shares of the construction company's stock valued at $107,000 after purchasing an additional 960 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Hovnanian Enterprises during the 1st quarter valued at about $109,000. 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.