New Horizon Aircraft (NASDAQ:HOVR) Shares Up 0.5% - What's Next?

Key Points

• HOVR shares rose 0.5% to $1.98 in Monday trading, with volume down 49% from the average session. The company has a $132.3 million market capitalization and high beta of 3.88.
• Analyst opinions remain mixed, with two Buy ratings and one Sell rating producing a consensus Hold rating and a $14.50 target price.
• New Horizon Aircraft reported a quarterly loss of $0.09 per share, beating expectations by $0.02, while hedge funds and other institutions own approximately 65.97% of the stock.

New Horizon Aircraft Ltd. (NASDAQ:HOVR - Get Free Report) shares traded up 0.5% during trading on Monday . The company traded as high as $2.02 and last traded at $1.98. Approximately 676,358 shares were traded during trading, a decline of 49% from the average session volume of 1,328,084 shares. The stock had previously closed at $1.97.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on HOVR shares. Wall Street Zen raised New Horizon Aircraft from a "strong sell" rating to a "sell" rating in a research report on Saturday, July 18th. Weiss Ratings upgraded New Horizon Aircraft from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 29th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, New Horizon Aircraft currently has a consensus rating of "Hold" and a consensus target price of $14.50.

New Horizon Aircraft Price Performance

The company has a market capitalization of $132.32 million, a price-to-earnings ratio of -3.47 and a beta of 3.88. The business's 50 day simple moving average is $1.92 and its 200 day simple moving average is $1.96.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last announced its earnings results on Thursday, July 16th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.02. As a group, analysts expect that New Horizon Aircraft Ltd. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE acquired a new position in shares of New Horizon Aircraft in the second quarter valued at approximately $32,000. GSA Capital Partners LLP acquired a new stake in shares of New Horizon Aircraft during the second quarter worth $98,000. Central Pacific Bank Trust Division purchased a new position in New Horizon Aircraft in the 2nd quarter valued at $47,000. Gabelli Funds LLC increased its stake in New Horizon Aircraft by 72.9% in the 1st quarter. Gabelli Funds LLC now owns 25,306 shares of the company's stock valued at $36,000 after buying an additional 10,673 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in New Horizon Aircraft in the 4th quarter valued at $96,000. 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.

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