Hovnanian Enterprises Inc (HOV) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 10,485,881 to 10,191,845 shares, with 12 days to go before the expiry. The short open interest has decreased by -2.8%, amounting to a reduction of -294,036 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 8.6% of the float of the company. The average daily volume of the stock is 860,196 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Hovnanian Enterprises Inc (NYSE:HOV): The stock opened at $1.83 on Wednesday but the bulls could not build on the opening and the stock topped out at $1.83 for the day. The stock traded down to $1.77 during the day, due to lack of any buying support eventually closed down at $1.79 with a loss of -1.10% for the day. The stock had closed at $1.81 on the previous day. The total traded volume was 914,360 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Hovnanian Enterprises Inc, Pagano Vincent Jr, had purchased 14,535 shares in a transaction dated on April 14, 2016. The transaction was executed at $1.74 per share with total amount equaling $25,291.
Hovnanian Enterprises, Inc. (Hovnanian) design, construct, market, and sell single-family detached homes, attached townhomes and condominiums, urban infill, and active adult homes in planned residential developments. The Company consists of two distinct operations: homebuilding and financial services. Its homebuilding operations consist of six segments: Northeast, including New Jersey and Pennsylvania; Mid-Atlantic, including Delaware, Maryland, Virginia, West Virginia, and Washington, D.C; Midwest, including Illinois, Minnesota and Ohio; Southeast, including Florida, Georgia, North Carolina and South Carolina; Southwest, including Arizona and Texas, and West, including California. Its financial services operations provide mortgage loans and title services to the customers of its homebuilding operations. During fiscal year ended October 31, 2013 (fiscal 2013), the Company had delivered 5,266 homes.