Hovnanian Enterprises (NYSE:HOV) Shares Gap Down – Should You Sell?

Hovnanian Enterprises, Inc. (NYSE:HOV) gapped down before the market opened on Thursday . The stock had previously closed at $133.05, but opened at $129.72. Hovnanian Enterprises shares last traded at $136.37, with a volume of 22,634 shares traded.

Analysts Set New Price Targets

HOV has been the topic of a number of research analyst reports. StockNews.com lowered Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Wedbush reiterated a “neutral” rating and issued a $155.00 target price on shares of Hovnanian Enterprises in a research report on Monday.

Hovnanian Enterprises Price Performance

The company’s 50-day moving average price is $178.94 and its 200-day moving average price is $181.31. The company has a quick ratio of 0.27, a current ratio of 1.45 and a debt-to-equity ratio of 0.20. The firm has a market cap of $816.15 million, a price-to-earnings ratio of 4.20 and a beta of 2.62.

Insiders Place Their Bets

In other news, CEO Ara K. Hovnanian sold 644 shares of the business’s stock in a transaction that occurred 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 owns 45,635 shares of the company’s stock, valued at approximately $8,898,368.65. The trade was a 1.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Edward A. Kangas sold 1,500 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $188.86, for a total value of $283,290.00. Following the sale, the director now directly owns 13,290 shares of the company’s stock, valued at approximately $2,509,949.40. This represents a 10.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,675 shares of company stock worth $1,326,791 in the last 90 days. Corporate insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. FMR LLC raised its holdings in 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 acquiring an additional 59 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in Hovnanian Enterprises by 2.9% during the 2nd quarter. Meeder Asset Management Inc. now owns 2,223 shares of the construction company’s stock worth $315,000 after purchasing an additional 63 shares during the last quarter. Koss Olinger Consulting LLC boosted its holdings 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. Range Financial Group LLC raised its position in shares of Hovnanian Enterprises by 2.6% during the 2nd quarter. Range Financial Group LLC now owns 4,595 shares of the construction company’s stock worth $652,000 after purchasing an additional 117 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in shares of Hovnanian Enterprises by 8.1% during the second quarter. The Manufacturers Life Insurance Company now owns 1,928 shares of the construction company’s stock worth $274,000 after acquiring an additional 145 shares during the last quarter. Hedge funds and other 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.