Hovnanian Enterprises, Inc. (NYSE:HOV) is one of the stocks that are grabbing investor focus today: sinking -4.09% or (-0.36 points) to $8.44 from its previous close of $8.8. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 194598 contracts so far this session. HOV shares had a relatively better volume day versus average trading capacity of 116.91 thousand shares, but with a 19.91 million float and a -11.2% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for HOV stock indicates that the average analyst price target is $11 per share. This means the stock has a potential increase of 30.33% from where the HOV share price has been trading recently which is between $8.5 and $9.48. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $11.
The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Edited Transcript of HOV earnings conference call or presentation 6-Jun-19 3:00pm GMT” and dated June 07, 2019.
During the recent trading session for Hovnanian Enterprises, Inc. (NYSE:HOV), the company witnessed their stock drop by $-1.58 over a week and tumble down $-6.46 from the price 20 days ago. When compared to their established 52-week high of $51, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 06/12/18. The recent low of $8.32 stood for a -83.53% since 06/11/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.18 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Hovnanian Enterprises, Inc., the two-week RSI stands at 31.43. This figure suggests that HOV stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current HOV readings is similarly very revealing as it has a stochastic reading of 3.55% at this stage. This figure means that HOV share price today is being overbought.
Technical chart claims that Hovnanian Enterprises, Inc. (HOV) would settle between $9.35/share to $9.91/share level. However, if the stock price goes below the $8.37 mark, then the market for Hovnanian Enterprises, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $7.95 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.67. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Buckingham Research, assumed coverage of HOV assigning Neutral rating, according to their opinion released on January 11. JMP Securities analysts bumped their rating on Hovnanian Enterprises, Inc. (NYSE:HOV) stock from Mkt Underperform to Mkt Perform in a separate flash note issued to investors on October 09. Analysts at MKM Partners lowered the stock to a Sell call from its previous Neutral recommendation, in a research note that dated back to December 22.
HOV equity has an average rating of 3, with the figure leaning towards a bullish end. 1 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 0 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 0 analysts rated Hovnanian Enterprises, Inc. (NYSE:HOV) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, HOV stock price is currently trading at 7.04X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.03 while for the average stock in the same group, the multiple is 64655.4. Hovnanian Enterprises, Inc. current P/E ratio of 6.01 means it is trading at a discount against its industry’s 10.13. In the past 5 years, this ratio for the stock has been fluctuating between 2.01 and 49.03.