New Horizon Aircraft (NASDAQ:HOVR) Rating Increased to Sell at Wall Street Zen

Wall Street Zen upgraded shares of New Horizon Aircraft (NASDAQ:HOVR) from a strong sell rating to a sell rating in a research note released on Saturday morning.

Several other equities analysts have also commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of New Horizon Aircraft in a research note on Wednesday. D. Boral Capital restated a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a report on Tuesday, April 14th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $14.50.

New Horizon Aircraft Stock Performance

HOVR stock opened at $1.57 on Friday. The stock’s 50 day moving average price is $2.20 and its 200 day moving average price is $1.98. The firm has a market cap of $88.52 million, a P/E ratio of -2.75 and a beta of 3.84. New Horizon Aircraft has a 1 year low of $1.16 and a 1 year high of $4.18.

New Horizon Aircraft (NASDAQ:HOVR) last released its quarterly earnings results on Thursday, July 16th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. On average, research analysts predict that New Horizon Aircraft will post -0.55 earnings per share for the current year.

Hedge Funds Weigh In On New Horizon Aircraft

Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new stake in shares of New Horizon Aircraft during the second quarter worth about $38,000. Bank of America Corp DE acquired a new stake in New Horizon Aircraft during the 2nd quarter valued at approximately $27,000. Gabelli Funds LLC acquired a new stake in New Horizon Aircraft during the 3rd quarter valued at approximately $51,000. Virtu Financial LLC purchased a new stake in New Horizon Aircraft during the 3rd quarter worth approximately $244,000. Finally, Scientech Research LLC purchased a new stake in New Horizon Aircraft during the 3rd quarter worth approximately $35,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

New Horizon Aircraft Company Profile

New Horizon Aircraft Ltd., an aerospace original equipment manufacturer company, focuses on designing and developing hybrid electric vertical takeoff and landing (eVTOL) aircraft for the regional air mobility market in the Uinted States. The company is developing Cavorite X7, a hybrid electric 7-seat aircraft that can take off and land vertically like and helicopter. New Horizon Aircraft Ltd. was founded in 2013 and is headquartered in Lindsay, Canada.