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Hovnanian Enterprises (NYSE:HOV) Stock, Option Chain

Hovnanian Enterprises

Hovnanian Enterprises Inc conducts all of its homebuilding and financial services operations . The company designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments. It has two distinct operations: homebuilding and financial services. Its homebuilding operations are divided geographically into three segments; Northeast which includes Delaware, Maryland, New Jersey, Ohio, Pennsylvania, Virginia and West Virginia; Southeast which includes Florida, Georgia and South Carolina; and West which includes Arizona, California and Texas. The firm generates maximum revenue from West Segment.

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Why XP Shares Are Trading Lower By Around 12%? Here Are Other Stocks Moving In Wednesday&#39;s Mid-Day Session

Hovnanian Enterprises, Inc. Class A Common Stock

Hovnanian Enterprises Inc

Hovnanian Enterprises Inc - Depositary Share representing 1/1000th of 7.625% Series A Preferred Stock

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Shares of housing-related stocks are trading higher after the Fed policy decision to cut rates by 50 basis points, which could help curb housing unaffordability and increase demand.

Shares of housing stocks and homebuilders are trading higher. The sector may be on watch amid a drop in yields and as investors await rate cuts.

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Shares of building and construction-related stocks are trading lower after July construction spending data missed estimates. The sector may be moving lower amid overall market weakness after August's ISM Manufacturing PMI data indicated an economic contraction.

Hovnanian Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>), a leading national homebuilder across the United States, announced the signing of a Memorandum of Understanding (MOU) between its subsidiary, K. Hovnanian M.E. Investments, LLC, and the Ministry of Municipalities and Housing of the Kingdom of Saudi Arabia. The MOU, signed under the patronage of His Excellency Majed bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Saudi Real Estate Refinance Company (SRC), took place on August 21, 2024, during the Minister's official visit to the United States. &nbsp;
The MOU, focused on fostering cooperation and strategic partnership in the real estate finance sector, was signed by Mr. Abdul Rahman bin Abdullah Al-Tawil, Deputy Minister for Residential Supply Stimulus &amp; Real Estate Development, and Ara K. Hovnanian, Chairman of the Board, President, and Chief Executive Officer of Hovnanian Enterprises, Inc.

Global

Hovnanian Enterprises Announces Strategic Partnership Between K. Hovnanian M.E. And Saudi Arabia's Ministry Of Municipalities And Housing To Focus On Fostering Cooperation And Strategic Partnership In The Real Estate Finance Sector

Hovnanian Enterprises shares are trading higher after the company reported a year-over-year increase in Q3 financial results and raised FY24 guidance.

For the full fiscal year, total revenues are expected to be between&nbsp;$2.90 billion&nbsp;and&nbsp;$3.05 billion, adjusted homebuilding gross margin is expected to be between&nbsp;21.5%&nbsp;and&nbsp;22.5%, adjusted income before income taxes is expected to be between&nbsp;$300 million&nbsp;and&nbsp;$325 million, adjusted EBITDA is expected to be between&nbsp;$420 million&nbsp;and&nbsp;$445 million&nbsp;and fully diluted earnings per share is expected to be between&nbsp;$29&nbsp;and&nbsp;$31. At the midpoint of our&nbsp;guidance, we anticipate our common book value per share to increase by about&nbsp;50%&nbsp;at October 31, 2024, to approximately&nbsp;$109&nbsp;per share compared to last year&#39;s value at year-end of&nbsp;$73&nbsp;per share.

Guidance

Hovnanian Enterprises Raised FY24 Outlook For Revenue To $2.90B-$3.05B (From $2.75B-$3.00B Prior), EPS To $29-$31 (From $25-$29 Earlier)

Hovnanian Enterprises (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>) reported quarterly earnings of $9.75 per share. This is a 32.11 percent increase over earnings of $7.38 per share from the same period last year. The company reported $722.70 million in sales this quarter. This is a 11.19 percent increase over sales of $649.96 million the same period last year.

Earnings

Hovnanian Enterprises Q3 EPS $9.75 Up From $7.38 YoY, Sales $722.70M Up From $649.96M YoY

As of July 24, 2024, two stocks in the consumer discretionary sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock&#8217;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#8217;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the <a href="https://www.benzinga.com/topic/rsi">RSI is above 70</a>, according to <a href="https://pro.benzinga.com/">Benzinga Pro</a>. 
Here's the latest list of major overbought players in this sector.
<h3 class="wp-block-heading">M/I Homes Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MHO#NYSE">MHO</a>)</h3>
<ul>
<li>On July 24, Raymond James analyst Buck Horne initiated coverage on M/I Homes with a Strong Buy rating and announced a price target of $200. The company's stock gained around 26% over the past month and has a <a href="https://www.benzinga.com/quote/MHO">52-week high of $160.49</a>.</li>
<li>RSI Value: 78.31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</li>
<li>MHO Price Action: Shares of M/I Homes gained 2.5% to close at $155.70 on Tuesday.</li>
</ul>
<h3 class="wp-block-heading">Hovnanian Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>)</h3>
<ul>
<li>On June 25, Hovnanian Enterprises said Moody&#8217;s Ratings has upgraded Hovnanian&#8217;s corporate family rating to B2 from B3. The company's stock gained around 37% over the past month and <a href="https://www.benzinga.com/quote/HOV">has a 52-week high</a> of $199.50.</li>
<li>RSI Value: 72.88</li>
<li>HOV Price Action: Shares of Hovnanian rose 3.2% to close at $196.79 on Tuesday.</li>
</ul>
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Shares of household durable stocks are trading higher after store sales of building material and garden supplies rose 1.4% in June. Also, strength may be due to trader optimism that the Fed will cut rates.

Shares of homebuilders and building companies are trading higher as Treasury yields drop following softer-than-expected June CPI figures.

The Nasdaq 100 closed lower by over 150 points on Thursday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Hovnanian Enterprises</h3>
<ul>
<li>The Trade: Hovnanian Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>) Chairman of Bd., Pres. &amp; CEO Ara K Hovnanian <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 7,360 shares</a> at an average price of $154.27. The insider received around $1.14 million from selling those shares.</li>
<li>What's Happening: On May 22, Hovnanian Enterprises posted an increase in quarterly sales.</li>
<li>What Hovnanian Enterprises Does: Hovnanian Enterprises Inc conducts all of its homebuilding and financial services operations.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<h3 class="wp-block-heading">Applied Materials</h3>
<ul>
<li>The Trade: Applied Materials, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMAT#NASDAQ">AMAT</a>) President and CEO Gary E Dickerson &lt;a href=&#8221;https://www.benzinga.com/sec/insider-trades/&#8221;&gt;&lt;em&gt; sold a total of 400,000 shares &lt;/em&gt;&lt;/a&gt; at an average price of $246.45. The insider received around $98.6 million from selling those shares.</li>
<li>What's Happening: On June 20, B. Riley Securities analyst Craig Ellis maintained Applied Materials with a Buy and raised the price target from $255 to $300.</li>
<li>What Applied Materials Does: Applied Materials is the largest semiconductor wafer fabrication equipment, or WFE, manufacturer in the world.</li>
</ul>
<h3 class="wp-block-heading">NVIDIA</h3>
<ul>
<li>The Trade: NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) President and CEO Jen Hsun Huang <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 240,000 shares</a> at an average price of $132.90. The insider received around $31.9 million from selling those shares.</li>
<li>What's Happening: At HPE Discover 2024, Hewlett Packard Enterprise and Nvidia unveiled a powerful collaboration aimed at revolutionizing the enterprise AI landscape.</li>
<li>What NVIDIA Does: Nvidia is a leading developer of graphics processing units.</li>
</ul>
<h3 class="wp-block-heading">Adobe</h3>
<ul>
<li>The Trade: Adobe Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) EVP, Gen. Counsel &amp; Secretary Dana Rao <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 6,765 shares</a> at an average price of $525.51. The insider received around $3.56 million from selling those shares.</li>
<li>What's Happening: Adobe was legally challenged by the U.S. Federal Trade Commission, which is accusing the software giant and two of its executives, Maninder Sawhney and David Wadhwani, of deceptive practices related to its subscription cancellation policies.</li>
<li>What Adobe Does: Adobe provides content creation, document management, and digital marketing and advertising software and services to creative professionals and marketers for creating, managing, delivering, measuring, optimizing, and engaging with compelling content multiple operating systems, devices, and media.</li>
</ul>
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Shares of homebuilders, construction and household durables stocks are trading higher following a softer-than-expected May CPI Report. Also, the Fed left rates unchanged.

Zelman &amp; Assoc analyst Jesse Lederman upgrades Hovnanian Enterprises (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>) from Underperform to Neutral and announces $155 price target.

Upgrades

Price Target

Analyst Ratings

Zelman & Assoc Upgrades Hovnanian Enterprises to Neutral, Announces $155 Price Target

Shares of XP Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XP#NASDAQ">XP</a>) fell sharply during Wednesday's session after the company reported worse-than-expected <a href="https://www.benzinga.com/quote/XP/earnings">first-quarter EPS results</a>.
XP posted quarterly earnings of 37 cents per share, missing market estimates of 40 cents per share. The company's quarterly sales came in at $818.79 million versus expectations of $784.08 million, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
XP shares dipped 11.5% to $18.99 on Wednesday.
Here are some other stocks moving in today&#8217;s mid-day session.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Akoustis Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AKTS#NASDAQ">AKTS</a>) shares climbed 213.3% to $0.4254 after the company reportedly floated the probability of bankruptcy after losing a lawsuit against Qorvo.</li>
<li>Barnes &amp; Noble Education, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNED#NYSE">BNED</a>) gained 119.7% to $1.1883 on continued volatility. Greenhaven last week said it continues to explore a possible transaction with the company.</li>
<li>Binah Capital Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCG#NASDAQ">BCG</a>) gained 58.7% to $4.27.</li>
<li>Siyata Mobile Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SYTA#NASDAQ">SYTA</a>) jumped 56% to $3.70 after the company announced the expansion of its SD7 rollout at Baha Mar Resort.</li>
<li>BuzzFeed, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZFD#NASDAQ">BZFD</a>) shares gained 48.2% to $3.71 after Vivek Ramaswamy disclosed a 7.7% stake in the company.</li>
<li>Oblong, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OBLG#NASDAQ">OBLG</a>) rose 36% to $0.2300.</li>
<li>Mustang Bio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBIO#NASDAQ">MBIO</a>) shares gained 27% to $0.3951 after falling over 8% on Tuesday.</li>
<li>DermTech, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DMTK#NASDAQ">DMTK</a>) rose 26% to $0.44.</li>
<li>IGM Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IGMS#NASDAQ">IGMS</a>) jumped 24% to $10.44.</li>
<li>Petco Health and Wellness Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WOOF#NASDAQ">WOOF</a>) gained 23% to $3.0201 following better-than-expected quarterly financial results.</li>
<li>FREYR Battery, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FREY#NYSE">FREY</a>) gained 22.8% to $2.42 after the company issued an operations update.</li>
<li>CureVac N.V. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CVAC#NASDAQ">CVAC</a>) jumped 20.3% to $3.9604.</li>
<li>Maxeon Solar Technologies, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAXN#NASDAQ">MAXN</a>) rose 20% to $3.2601. Maxeon Solar Technologies announced Nasdaq notification of non-compliance.</li>
<li>MGO Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGOL#NASDAQ">MGOL</a>) gained 15.6% to $1.4450. MGO Global shares jumped around 447% on Tuesday after the company posted a year-over-year increase in its first-quarter financial results.</li>
<li>Venus Concept Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VERO#NASDAQ">VERO</a>) rose 12.8% to $0.7002.</li>
<li>LM Funding America, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LMFA#NASDAQ">LMFA</a>) shares climbed 12.2% to $3.67 after jumping around 15% on Tuesday. LM Funding America, last week, posted better-than-expected first-quarter earnings.</li>
<li>Daqo New Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DQ#NYSE">DQ</a>) gained 12.1% to $21.43.</li>
<li>SunPower Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPWR#NASDAQ">SPWR</a>) rose 10.5% to $3.0294 after the company announced it will now offer Tesla Powerwall 3 as part of its portfolio.</li>
<li>Novavax, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVAX#NASDAQ">NVAX</a>) climbed 9.5% to $16.33. Shah Capital recently withdrew its proxy campaign against the re-election of directors at Novavax&#8217;s 2024 Annual Meeting.</li>
<li>Canadian Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>) rose 9.2% to $17.28. Roth MKM analyst Philip Shen maintained Canadian Solar with a Buy and maintained a $25 price target.</li>
<li>Brady Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>) gained 8.6% to $65.48 after the company posted upbeat quarterly earnings and raised earnings guidance for FY24.</li>
<li>VS Media Holdings Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSME#NASDAQ">VSME</a>) gained 7.7% to $0.4065 after falling over 7% on Tuesday.</li>
<li>The TJX Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TJX#NYSE">TJX</a>) gained 6.8% to $104.32 following upbeat earnings.</li>
<li>Analog Devices, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADI#NASDAQ">ADI</a>) jumped 6% to $229.69 following better-than-expected second-quarter financial results.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) rose 5.6% to $151.80.</li>
<li>Williams-Sonoma, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WSM#NYSE">WSM</a>) gained 4.7% to $329.05 after the company reported first-quarter financial results.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Edible Garden AG Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EDBL#NASDAQ">EDBL</a>) shares fell 52.7% to $2.05 after the company announced the pricing of a $6 million public offering.</li>
<li>Oragenics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGEN#NYSE">OGEN</a>) dipped 41.1% to $1.79. Oragenics named William &#8220;Frank&#8221; Peacock MD as Chief Clinical Officer.</li>
<li>Biodexa Pharmaceuticals Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BDRX#NASDAQ">BDRX</a>) fell 39% to $1.4192 after the company announced $7 million of gross proceeds from warrant exercises.</li>
<li>Hywin Holdings Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYW#NASDAQ">HYW</a>) dipped 35.7% to $0.45.</li>
<li>MMTec, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTC#NASDAQ">MTC</a>) fell 29.3% to $0.6288.</li>
<li>Ault Alliance, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AULT#NYSE">AULT</a>) declined 25% to $0.3530.</li>
<li>FLJ Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLJ#NASDAQ">FLJ</a>) shares fell 24.3% to $0.8625 after jumping over 46% on Tuesday.</li>
<li>Cheetah Net Supply Chain Service Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CTNT#NASDAQ">CTNT</a>) dipped 22% to $0.9091.</li>
<li>Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFIE#NASDAQ">FFIE</a>) fell 22% to $1.0801</li>
<li>MultiMetaVerse Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MMV#NASDAQ">MMV</a>) fell 19.7% to $0.7350.</li>
<li>Yatsen Holding Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YSG#NYSE">YSG</a>) shares declined 18.6% to $3.7050 following downbeat second-quarter results.</li>
<li>LifeStance Health Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFST#NASDAQ">LFST</a>) shares declined 17.4% to $6.17. LifeStance Health Group priced its secondary public offering of 20 million common shares at $6.25 per share.</li>
<li>Nanobiotix S.A. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBTX#NASDAQ">NBTX</a>) dipped 13.7% to $6.09 following first-quarter results.</li>
<li>Viasat Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSAT#NASDAQ">VSAT</a>) fell 12.6% to $16.42 after the company reported its fourth-quarter financial results.</li>
<li>Golden Ocean Group Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOGL#NASDAQ">GOGL</a>) declined 11.7% to $13.92 following first-quarter financial results.</li>
<li>Hovnanian Enterprises, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>) fell 11.1% to $150.26 following second-quarter results.</li>
<li>Photronics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLAB#NASDAQ">PLAB</a>) declined 10.8% to $25.19 following worse-than-expected second-quarter financial results and soft third-quarter guidance.</li>
<li>IAMGOLD Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>) shares fell 9.6% to $4.06 after the company announced a $300 million bought deal financing.</li>
<li>Modine Manufacturing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MOD#NYSE">MOD</a>) shares fell 8.6% to $92.79 following mixed fourth-quarter results.</li>
<li>Hudbay Minerals Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) shares declined 8% to $9.53 after the company announced a $300 million Bought Deal Equity Offering.</li>
<li>CAE Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAE#NYSE">CAE</a>) fell 8% to $18.25 after the company reported a year over-year decrease preliminary fourth-quarter financial results.</li>
<li>Target Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TGT#NYSE">TGT</a>) fell 7.7% to $143.78 following downbeat quarterly earnings.</li>
<li>Toll Brothers, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TOL#NYSE">TOL</a>) fell 7.6% to $120.28. Toll Brothers reported stronger-than-expected results for its second quarter and raised its FY24 forecast.</li>
<li>Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) shares declined 6.7% to $301.39 after the company announced that its Chief Product Officer resigned and the company does not intend to replace the role.</li>
</ul>
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/05/38962846/jim-cramer-this-industrial-stock-is-doing-very-well-heres-his-take-on-palantir">Jim Cramer: This Industrial Stock Is Doing &#8216;Very Well&#8217;; Here&#8217;s His Take On Palantir</a>

Why XP Shares Are Trading Lower By Around 12%? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

Hovnanian Enterprises shares are trading lower. The company reported Q2 financial results.

Hovnanian Enterprises Q2 2024 EPS $6.66 Up From $4.47 YoY; Revenue $708.4M Up From $703.7M YoY

GTIS Partners ("GTIS"), a global real estate investment firm with a focus on residential and industrial/logistics investments, and Hovnanian Enterprises, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>), a leading national homebuilder, today announced that they have expanded their partnership to develop, construct and sell homes in a new joint venture of eight additional for-sale homebuilding communities. To date, the partners have invested in approximately 70 homebuilding communities through multiple joint ventures.
The eight newly added communities comprise 1,392 homes located across New Jersey, Florida, Delaware, and South Carolina. In addition to being geographically diversified, these communities are diversified by product type, consisting of townhomes, condominiums and both market-rate and active adult single-family homes.
Approximately $115 million of capital will be invested in the joint venture, with Hovnanian contributing 30% of the capital requirement and GTIS Partners providing 70%, with total build out costs projected at approximately $800 million. Hovnanian will manage the day-to-day operations of the venture.
Tom Shapiro, Founder, President and Chief Investment Officer of GTIS Partners, said, "We are very pleased to announce a further expansion of our existing relationship with Hovnanian. With this transaction we have a partnership totaling $1 billion in equity across 15 joint ventures in high-growth markets across the United States, representing approximately $6 billion in total project costs across 12,600 homebuilding units. Hovnanian has proven to be a tremendous partner and we are thrilled to continue working with such a highly-experienced homebuilder."
Ara Hovnanian, Chairman of the Board of Directors, President and Chief Executive Officer of Hovnanian Enterprises, Inc. also commented, "This addition marks the expansion to over a decade's worth of successful joint venture partnerships and a strong working relationship between our two firms across multiple business cycles. GTIS' deep industry expertise and homebuilding investment experience has made them ideal institutional partners to collaborate with to grow our homebuilding portfolio."
Ed McDowell, Partner and Head of US Acquisitions for GTIS Partners, added, "The addition to the portfolio represents a mix of product types, price points, and a unique geographic diversity across eight communities in four states, many of which are follow-on investments to communities we are already invested in with Hovnanian. This dynamic, combined with the advanced development stage of several of the communities within the portfolio – many of which are already selling and delivering homes – provides excellent visibility into current home prices, absorption, buyer demand, and construction and development costs, and reduces the risks typically associated with development to generate strong risk-adjusted return for both parties."

GTIS Partners And Hovnanian Enterprises Announce The Expansion Of Their Homebuilding Joint Venture Portfolio To $1B Of Equity To Build 12,600 Homes Valued At $6B

Zelman &amp; Assoc downgrades Hovnanian Enterprises (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HOV#NYSE">HOV</a>) from Neutral to Underperform.

Downgrades

Zelman & Assoc Downgrades Hovnanian Enterprises to Underperform

Shares of homebuilders and housing stocks are trading lower in sympathy with Lennar, which reported mixed Q1 financial results. Stocks are also broadly lower following a larger-than-expected PPI increase.

Hovnanian Sees Q2 Revenues Between $675M-$775M, Adjusted Homebuilding Gross Margin Expected To Be Between 21.5% And 23.0%

Hovnanian Enterprises: Lower Mortgage Rates And Quick-Move-In Homes Imply Undervaluation

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Hovnanian Enterprises, Inc. PFD DEP1/1000A goes ex dividend tommorrow

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Hovnanian Enterprises (NYSE:<a href="https://investorplace.com/stock-quotes/hov-stock-quote/">HOV</a>) just reported results for the third quarter of 2024.<ul><li>Hovnanian Enterprises reported earnings per share of $9.75.</li><li>The company reported revenue of $722.70 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div>	The post <a href="https://investorplace.com/earning-results/2024/08/hov-stock-earnings-hovnanian-enterprises-for-q3-of-2024/">HOV Stock Earnings: Hovnanian Enterprises Reported Results for Q3 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

HOV Stock Earnings: Hovnanian Enterprises Reported Results for Q3 2024

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Hovnanian Enterprises (NYSE:<a href="https://investorplace.com/stock-quotes/hov-stock-quote/">HOV</a>) just reported results for the third quarter of 2024.<ul><li>Hovnanian Enterprises reported earnings per share of $9.75.</li><li>The company reported revenue of $722.70 million.</li></ul><div>InvestorPlace Earnings is a project that leverages data from <a href="https://www.tradesmith.com">TradeSmith</a> to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These articles are published without human intervention, allowing us to inform our readers of the latest figures as quickly as possible. To report any concerns or inaccuracies, please contact us at <a href="mailto:editor@investorplace.com">editor@investorplace.com</a>.</div>	
	The post <a href="https://investorplace.com/earning-results/2024/08/hov-stock-earnings-hovnanian-enterprises-for-q3-of-2024/">HOV Stock Earnings: Hovnanian Enterprises Reported Results for Q3 2024</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

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Press Releases

Hovnanian Enterprises Reports Fiscal 2024 Second Quarter Results

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Financing

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K. Hovnanian® Homes Recognized with Department of Energy Housing Innovation Award

Hovnanian Enterprises Announces Fiscal Year 2024 Earnings Release and Conference Call

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