New Horizon Aircraft (NASDAQ:HOVR) Stock Price Down 1.8% - What's Next?

Key Points

• HOVR shares fell 1.8% to $1.63 in mid-day trading, below both the 50-day moving average of $1.80 and the 200-day average of $1.94. The company has a market capitalization of approximately $108.9 million and a high beta of 3.85.
• Analysts maintain a consensus “Hold” rating with a $14.50 price target, despite two Buy ratings and one Sell rating. New Horizon reported a quarterly loss of $0.09 per share, beating estimates for a $0.11 loss.
• Institutional investors and hedge funds own 65.97% of the stock, with several firms recently initiating positions. The company is developing the Cavorite X7, a hybrid-electric, seven-seat vertical takeoff and landing aircraft.

New Horizon Aircraft Ltd. (NASDAQ:HOVR - Get Free Report) was down 1.8% during mid-day trading on Wednesday . The stock traded as low as $1.62 and last traded at $1.63. 542,221 shares traded hands during mid-day trading, a decline of 13% from the average daily volume of 623,184 shares. The stock had previously closed at $1.66.

Wall Street Analyst Weigh In

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

New Horizon Aircraft Stock Down 1.8%

The business's fifty day moving average is $1.80 and its 200 day moving average is $1.94. The firm has a market capitalization of $108.93 million, a price-to-earnings ratio of -2.86 and a beta of 3.85.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last posted its quarterly earnings data on Thursday, July 16th. The company reported ($0.09) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. Equities research analysts expect that New Horizon Aircraft Ltd. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On New Horizon Aircraft

A number of hedge funds and other institutional investors have recently made changes to their positions in HOVR. Scientech Research LLC bought a new stake in shares of New Horizon Aircraft during the 3rd quarter worth approximately $35,000. Bank of America Corp DE bought a new position in New Horizon Aircraft in the second quarter valued at approximately $27,000. Gabelli Funds LLC bought a new position in New Horizon Aircraft in the third quarter valued at approximately $51,000. Marshall Wace LLP acquired a new position in New Horizon Aircraft during the second quarter valued at approximately $38,000. Finally, LPL Financial LLC acquired a new position in New Horizon Aircraft during the fourth quarter valued at approximately $35,000. 65.97% of the stock is currently owned by institutional investors and hedge funds.

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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