Hovnanian Enterprises (HOV) Trading Up 7.3% After Earnings Beat
Hovnanian Enterprises, Inc. (NYSE:HOV) was up 7.3% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $1.21 and last traded at $1.18. Approximately 1,426,324 shares were traded during trading, an increase of 5% from the average daily volume of 1,364,249 shares. The stock had previously closed at $1.10.
The construction company reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.11. The firm had revenue of $614.81 million during the quarter, compared to analysts’ expectations of $638.80 million. During the same period in the previous year, the firm earned $0.08 EPS. The firm’s quarterly revenue was down 14.8% on a year-over-year basis.
A number of research analysts have recently issued reports on HOV shares. ValuEngine downgraded shares of Hovnanian Enterprises from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. JMP Securities raised shares of Hovnanian Enterprises from an “underperform” rating to a “market perform” rating and set a $1.30 price objective on the stock in a research report on Tuesday, October 9th.
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Hovnanian Enterprises Company Profile (NYSE:HOV)
Hovnanian Enterprises, Inc designs, constructs, markets, and sells residential homes in the United States. It constructs single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes. The company markets its build homes for first-time buyers, first-time and second-time move-up buyers, luxury buyers, active lifestyle buyers, and empty nesters in 130 communities in 24 markets.
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