Hovnanian Enterprises Reports New Communities In New Jersey
15 Jun 2010

Hovnanian Enterprises, Inc. (NYSE:HOV) opened three new communities in New Jersey. Meanwhile, the American homebuilder has sold out two other communities and its stock moved up.

After a 12% price drop on June 3rd, currently HOV trades at $4.81 per share, which is a +1.48% price change. Market cap reached 368.04M, and traded volume exceeded 4 million shares.

Hovnanian Enterprises Inc. is the 7th largest homebuilder in the U.S., which builds in 19 states for the first-time buyer, the move-up buyer and active adults. In 2009 the company delivered over 5 thousand homes with base prices ranging from $36 thousand to $1.8 million. However, HOV’s quarterly results showed low values.

Hovnanian’s revenue fell to $318.6 million from $398 million and the company declared a net loss of 36 cents per share. HOV ended the quarter with $559.5 million in cash but the orders placed since April 30 have dropped by 23%.

After Hovnanian Enterprises opened the new communities, its market confidence grew up. Currently, the company relies on a higher profit obtained by people’s demand for new homes.

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