New Horizon Aircraft's (HOVR) Buy Rating Reaffirmed at D. Boral Capital

Key Points

• D. Boral Capital reaffirmed a "Buy" rating on New Horizon Aircraft and set a $11.00 price target in its Tuesday research note.
• Analyst views are mixed — JonesTrading also rates HOVR a Buy with an $18 target while Weiss Ratings maintains a "Sell (d-)", leaving the MarketBeat consensus at an average "Hold" rating and a $14.50 average price target.
• Fundamentals show a low share price (opened at $1.56, 12‑month range $0.35–$4.18), a market cap of about $69M, a quarterly loss of $0.15 per share (missing estimates by $0.07), and roughly 66% institutional ownership.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report)'s stock had its "buy" rating reissued by analysts at D. Boral Capital in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $11.00 target price on the stock.

Several other equities research analysts have also recently weighed in on HOVR. JonesTrading began coverage on New Horizon Aircraft in a research note on Monday, February 23rd. They set a "buy" rating and a $18.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of New Horizon Aircraft in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.50.

New Horizon Aircraft Trading Down 1.3%

Shares of HOVR stock opened at $1.56 on Tuesday. New Horizon Aircraft has a 12-month low of $0.35 and a 12-month high of $4.18. The stock's 50-day moving average price is $1.73 and its 200-day moving average price is $1.99. The stock has a market capitalization of $69.03 million, a price-to-earnings ratio of -2.14 and a beta of 3.14.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last issued its earnings results on Wednesday, January 14th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07).

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC grew its stake in shares of New Horizon Aircraft by 15.0% during the fourth quarter. Renaissance Technologies LLC now owns 695,100 shares of the company's stock valued at $1,022,000 after buying an additional 90,500 shares during the last quarter. Virtu Financial LLC bought a new position in shares of New Horizon Aircraft during the third quarter valued at approximately $244,000. Quadrature Capital Ltd bought a new position in shares of New Horizon Aircraft during the fourth quarter valued at approximately $96,000. Marshall Wace LLP bought a new position in shares of New Horizon Aircraft during the fourth quarter valued at approximately $63,000. Finally, LPL Financial LLC bought a new position in shares of New Horizon Aircraft during the fourth quarter valued at approximately $35,000. Institutional investors own 65.97% of the company's stock.

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. New Horizon Aircraft Ltd. was founded in 2013 and is headquartered in Lindsay, Canada.

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