New Horizon Aircraft (NASDAQ:HOVR) Announces Earnings Results

Key Points

• New Horizon Aircraft reported a quarterly earnings per share (EPS) of ($0.11), missing analyst expectations of ($0.08) by ($0.03).
• Following recent earnings, HOVR stock increased by 3.6% and has a current market cap of $111.23 million.
• Bank of America recently bought a new stake in New Horizon Aircraft, acquiring 16,000 shares valued at approximately $27,000.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) announced its quarterly earnings data on Friday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.03), Zacks reports.

New Horizon Aircraft Stock Up 3.6%

Shares of HOVR stock opened at $3.54 on Friday. The stock has a 50-day moving average price of $1.97 and a 200 day moving average price of $1.36. New Horizon Aircraft has a 12 month low of $0.25 and a 12 month high of $3.59. The firm has a market cap of $111.23 million, a price-to-earnings ratio of 35.41 and a beta of 2.79.

Analysts Set New Price Targets

HOVR has been the subject of a number of recent research reports. Wall Street Zen upgraded New Horizon Aircraft to a "sell" rating in a research note on Saturday, June 14th. Weiss Ratings reissued a "hold (c-)" rating on shares of New Horizon Aircraft in a research report on Wednesday. Finally, D. Boral Capital reiterated a "buy" rating and set a $2.00 target price on shares of New Horizon Aircraft in a research note on Wednesday, July 23rd. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $2.00.

Insider Activity

In other New Horizon Aircraft news, COO Jason Michael O'neill sold 40,000 shares of the company's stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1.72, for a total value of $68,800.00. Following the transaction, the chief operating officer directly owned 343,598 shares of the company's stock, valued at $590,988.56. This represents a 10.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 11.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On New Horizon Aircraft

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

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