New Horizon Aircraft (NASDAQ:HOVR) Trading Up 3.2% – Here’s Why

Shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) rose 3.2% during trading on Monday . The stock traded as high as $2.35 and last traded at $2.26. Approximately 1,060,592 shares were traded during trading, a decline of 71% from the average daily volume of 3,684,957 shares. The stock had previously closed at $2.19.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on HOVR shares. D. Boral Capital reaffirmed a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a report on Tuesday, April 14th. JonesTrading began coverage on New Horizon Aircraft in a report on Monday, February 23rd. They set a “buy” rating and a $18.00 price target on the stock. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $14.50.

New Horizon Aircraft Stock Up 3.2%

The company has a fifty day moving average price of $2.18 and a 200-day moving average price of $1.95. The stock has a market capitalization of $127.42 million, a P/E ratio of -3.32 and a beta of 3.69.

New Horizon Aircraft (NASDAQ:HOVR) last posted its earnings results on Tuesday, April 14th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). As a group, research analysts expect that New Horizon Aircraft Ltd. will post -0.6 earnings per share for the current fiscal year.

Institutional Trading of New Horizon Aircraft

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

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.