Hovnanian Enterprises (NYSE:HOV) Shares Gap Up - Here's What Happened

Hovnanian Enterprises, Inc. (NYSE:HOV - Get Free Report)'s stock price gapped up before the market opened 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.

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 Price Performance

The company has a fifty day moving average of $157.81 and a 200-day moving average of $179.26. 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 stock has a market cap of $852.30 million, a PE ratio of 4.38 and a beta of 2.70.

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. purchased a new position in Hovnanian Enterprises in the third quarter worth approximately $687,000. Charles Schwab Investment Management Inc. increased its holdings in Hovnanian Enterprises by 92.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 49,967 shares of the construction company's stock valued at $10,212,000 after buying an additional 23,990 shares during the last quarter. Truist Financial Corp acquired a new stake in Hovnanian Enterprises in the second quarter valued at $352,000. Victory Capital Management Inc. lifted its holdings in Hovnanian Enterprises by 88.1% during the 2nd quarter. Victory Capital Management Inc. now owns 14,334 shares of the construction company's stock worth $2,034,000 after buying an additional 6,715 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in Hovnanian Enterprises during the 3rd quarter worth about $33,000. 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.