Hovnanian Enterprises (NYSE:HOV) was down 6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $1.80 and last traded at $1.89. Approximately 1,062,410 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 1,858,813 shares. The stock had previously closed at $2.01.
The construction company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). Hovnanian Enterprises had a negative return on equity of 1.29% and a negative net margin of 15.66%. The company had revenue of $502.50 million during the quarter, compared to the consensus estimate of $511.10 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The firm’s revenue for the quarter was down 14.2% compared to the same quarter last year.
Separately, ValuEngine downgraded Hovnanian Enterprises from a “buy” rating to a “hold” rating in a research report on Wednesday, May 2nd.
The company has a current ratio of 0.79, a quick ratio of 0.25 and a debt-to-equity ratio of -0.10.
About Hovnanian Enterprises
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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