Weiss Ratings Reiterates Hold (C-) Rating for New Horizon Aircraft (NASDAQ:HOVR)

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by stock analysts at Weiss Ratings in a research note issued to investors on Wednesday,Weiss Ratings reports.

A number of other analysts also recently weighed in on the company. D. Boral Capital reiterated a "buy" rating and set a $2.00 price target on shares of New Horizon Aircraft in a report on Wednesday, July 23rd. Wall Street Zen upgraded New Horizon Aircraft to a "sell" rating in a research report on Saturday, June 14th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $2.00.

New Horizon Aircraft Price Performance

Shares of HOVR stock opened at $3.35 on Wednesday. The stock has a market capitalization of $105.16 million, a PE ratio of 33.50 and a beta of 2.79. New Horizon Aircraft has a one year low of $0.25 and a one year high of $3.38. The business's 50 day simple moving average is $1.93 and its 200 day simple moving average is $1.34.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last issued its quarterly earnings results on Friday, August 22nd. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12).

Insider Activity

In other news, COO Jason Michael O'neill sold 40,000 shares of the stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1.72, for a total transaction of $68,800.00. Following the transaction, the chief operating officer owned 343,598 shares of the company's stock, valued at $590,988.56. This represents a 10.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 11.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in shares of New Horizon Aircraft during the second quarter valued at approximately $27,000. Marshall Wace LLP acquired a new stake in New Horizon Aircraft in the 2nd quarter valued at $38,000. Finally, Rockefeller Capital Management L.P. acquired a new stake in New Horizon Aircraft in the 2nd quarter valued at $602,000. 65.97% of the stock is owned by institutional investors and hedge funds.

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.

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