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

New Horizon Aircraft (NASDAQ:HOVR) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

HOVR has been the subject of a number of other reports. D. Boral Capital reiterated a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a report on Tuesday, April 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of New Horizon Aircraft in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, New Horizon Aircraft currently has an average rating of “Hold” and an average target price of $14.50.

New Horizon Aircraft Stock Up 4.7%

Shares of HOVR 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 stock has a market capitalization of $88.52 million, a PE ratio of -2.75 and a beta of 3.84. The firm has a 50 day moving average of $2.20 and a two-hundred day moving average of $1.98.

New Horizon Aircraft (NASDAQ:HOVR) last posted its quarterly earnings results on Thursday, July 16th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.02. Analysts expect that New Horizon Aircraft will post -0.55 EPS for the current fiscal year.

Institutional Investors Weigh In On New Horizon Aircraft

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC lifted its position in shares of New Horizon Aircraft by 15.0% during the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock worth $1,022,000 after purchasing an additional 90,500 shares during the last quarter. Virtu Financial LLC purchased a new position in New Horizon Aircraft in the third quarter valued at $244,000. Quadrature Capital Ltd acquired a new stake in New Horizon Aircraft in the fourth quarter valued at $96,000. Marshall Wace LLP acquired a new stake in New Horizon Aircraft in the fourth quarter valued at $63,000. Finally, Gabelli Funds LLC raised its stake in New Horizon Aircraft by 72.9% in the first quarter. Gabelli Funds LLC now owns 25,306 shares of the company’s stock valued at $36,000 after buying an additional 10,673 shares in the last quarter. 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.