Hovnanian Enterprises (NYSE:HOV) Trading Down 4.7% – Here’s What Happened

Hovnanian Enterprises, Inc. (NYSE:HOV) shares traded down 4.7% on Wednesday . The stock traded as low as $186.50 and last traded at $187.55. 19,902 shares were traded during trading, a decline of 75% from the average session volume of 78,732 shares. The stock had previously closed at $196.74.

Analyst Ratings Changes

Separately, StockNews.com cut Hovnanian Enterprises from a “buy” rating to a “hold” rating in a report on Friday, August 23rd.

Hovnanian Enterprises Trading Down 3.8 %

The company has a current ratio of 1.45, a quick ratio of 0.27 and a debt-to-equity ratio of 0.20. The company has a fifty day moving average price of $186.55 and a two-hundred day moving average price of $180.51. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of 5.25 and a beta of 2.62.

Insider Activity

In related news, CEO Ara K. Hovnanian sold 13,552 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $215.14, for a total value of $2,915,577.28. Following the sale, the chief executive officer now owns 47,279 shares in the company, valued at approximately $10,171,604.06. The trade was a 22.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Larry Sorsby sold 4,062 shares of the stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $225.61, for a total transaction of $916,427.82. Following the sale, the director now directly owns 127,982 shares in the company, valued at $28,874,019.02. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,289 shares of company stock valued at $5,158,796 in the last quarter. Insiders own 17.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Hovnanian Enterprises by 6.1% in the first quarter. Vanguard Group Inc. now owns 280,435 shares of the construction company’s stock valued at $44,011,000 after purchasing an additional 16,012 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Hovnanian Enterprises by 425,175.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 17,011 shares of the construction company’s stock worth $2,414,000 after acquiring an additional 17,007 shares in the last quarter. Truist Financial Corp purchased a new stake in Hovnanian Enterprises in the second quarter valued at $352,000. Victory Capital Management Inc. lifted its position in Hovnanian Enterprises by 88.1% in the second quarter. Victory Capital Management Inc. now owns 14,334 shares of the construction company’s stock valued at $2,034,000 after acquiring an additional 6,715 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new position in Hovnanian Enterprises in the third quarter valued at $33,000. Institutional investors and hedge funds 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.