By midmorning, shares had slipped 1.4% to $4.51. Trading volume of 2.1 million shares was on par with its three-month daily average.
In its second quarter, the company recorded a net loss of 5 cents a share, missing estimates of 3 cents a share in profits. Revenue of $449.9 million, though 6.4% higher year over year, fell below expectations of $476.7 million according to analysts surveyed by Thomson Reuters.
Separately, TheStreet Ratings team rates HOVNANIAN ENTRPRS INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate HOVNANIAN ENTRPRS INC (HOV) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, unimpressive growth in net income, weak operating cash flow and poor profit margins."
- You can view the full analysis from the report here: HOV Ratings Report