New Horizon Aircraft (HOVR) Projected to Post Earnings on Thursday

Key Points

• New Horizon Aircraft (HOVR) is expected to release its earnings report on October 9th, with analysts forecasting an earnings per share (EPS) of (-$0.08) for the quarter.
• The company reported an EPS of (-$0.20) in its last earnings release, missing expectations by ($0.12).
• Insider trading revealed COO Jason Michael O'neill sold 40,000 shares at an average price of $1.72, decreasing his ownership by 10.43%.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) is anticipated to release its results before the market opens on Thursday, October 9th. Analysts expect New Horizon Aircraft to post earnings of ($0.08) per share for the quarter.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last posted its earnings results on Friday, August 22nd. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12).

New Horizon Aircraft Stock Performance

HOVR opened at $2.54 on Thursday. The company has a market cap of $79.73 million, a P/E ratio of 25.40 and a beta of 2.78. The company's 50 day moving average is $1.80 and its 200-day moving average is $1.26. New Horizon Aircraft has a 1-year low of $0.24 and a 1-year high of $2.92.

Insiders Place Their Bets

In related news, COO Jason Michael O'neill sold 40,000 shares of the business's stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1.72, for a total value of $68,800.00. Following the transaction, the chief operating officer owned 343,598 shares in the company, valued at $590,988.56. The trade was a 10.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in New Horizon Aircraft stock. Bank of America Corp DE bought a new stake in shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 16,000 shares of the company's stock, valued at approximately $27,000. Bank of America Corp DE owned approximately 0.05% of New Horizon Aircraft at the end of the most recent reporting period. Hedge funds and other institutional investors own 65.97% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on HOVR shares. Wall Street Zen upgraded shares of New Horizon Aircraft to a "sell" rating in a research report on Saturday, June 14th. D. Boral Capital reissued a "buy" rating and set a $2.00 price objective on shares of New Horizon Aircraft in a report on Wednesday, July 23rd. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Strong Buy" and a consensus target price of $2.00.

About New Horizon Aircraft

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.

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