New Horizon Aircraft (NASDAQ:HOVR) Announces Quarterly Earnings Results

New Horizon Aircraft (NASDAQ:HOVR) issued its quarterly earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07), Zacks reports.

New Horizon Aircraft Stock Down 7.4%

Shares of HOVR opened at $1.99 on Wednesday. The company’s fifty day moving average is $1.74 and its two-hundred day moving average is $1.93. New Horizon Aircraft has a fifty-two week low of $0.35 and a fifty-two week high of $4.18. The firm has a market cap of $81.53 million, a PE ratio of 21.50 and a beta of 2.99.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on HOVR shares. Weiss Ratings downgraded shares of New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Saturday, October 25th. D Boral Capital raised New Horizon Aircraft to a “strong-buy” rating in a research report on Wednesday, October 15th. Finally, D. Boral Capital reiterated a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a research note on Thursday, December 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, New Horizon Aircraft has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Institutional Investors Weigh In On New Horizon Aircraft

Several hedge funds have recently modified their holdings of HOVR. Virtu Financial LLC acquired a new position in New Horizon Aircraft in the third quarter valued at approximately $244,000. Gabelli Funds LLC bought a new position in shares of New Horizon Aircraft in the third quarter worth $51,000. Marshall Wace LLP acquired a new position in New Horizon Aircraft during the 2nd quarter valued at about $38,000. Scientech Research LLC acquired a new position in shares of New Horizon Aircraft during the third quarter valued at approximately $35,000. Finally, Bank of America Corp DE acquired a new position in shares of New Horizon Aircraft during the 2nd quarter valued at $27,000. 65.97% of the stock is currently owned by hedge funds and other institutional investors.

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.