Wall Street Zen Upgrades New Horizon Aircraft (NASDAQ:HOVR) to "Sell"

Key Points

• Wall Street Zen upgraded New Horizon Aircraft from "strong sell" to "sell", while other analysts remain mixed, with the overall consensus still at Hold and a $14.50 price target.
• The stock was up 4.7% and opened at $1.57, but it remains well below its 52-week high of $4.18. The company has a small market cap of about $88.5 million and a high beta of 3.84.
• New Horizon Aircraft recently reported a smaller-than-expected quarterly loss of ($0.09) EPS, beating estimates by $0.02. Analysts still expect the company to post a full-year loss of about 0.55 EPS.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "strong sell" rating to a "sell" rating in a note issued to investors on Saturday.

Several other research analysts have also weighed in on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of New Horizon Aircraft in a research note on Wednesday. D. Boral Capital reiterated a "buy" rating and set a $11.00 price target on shares of New Horizon Aircraft in a research report on Tuesday, April 14th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $14.50.

New Horizon Aircraft Stock Up 4.7%

Shares of New Horizon Aircraft stock opened at $1.57 on Friday. New Horizon Aircraft has a 52 week low of $1.16 and a 52 week high of $4.18. The business's fifty day simple moving average is $2.20 and its 200-day simple moving average is $1.98. The firm has a market cap of $88.52 million, a PE ratio of -2.75 and a beta of 3.84.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last issued its quarterly earnings data on Thursday, July 16th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.11) by $0.02. As a group, equities analysts expect that New Horizon Aircraft will post -0.55 earnings per share for the current year.

Institutional Investors Weigh In On New Horizon Aircraft

Several institutional investors and hedge funds have recently modified their holdings of HOVR. Virtu Financial LLC acquired a new position in New Horizon Aircraft during the 3rd quarter worth about $244,000. Renaissance Technologies LLC grew its position in New Horizon Aircraft by 15.0% in the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company's stock valued at $1,022,000 after acquiring an additional 90,500 shares in the last quarter. Quadrature Capital Ltd acquired a new position in New Horizon Aircraft in the 4th quarter valued at about $96,000. Marshall Wace LLP purchased a new stake in New Horizon Aircraft during the fourth quarter worth about $63,000. Finally, Central Pacific Bank Trust Division purchased a new stake in New Horizon Aircraft during the second quarter worth about $47,000. Hedge funds and other institutional investors own 65.97% of the company's stock.

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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