New Horizon Aircraft (NASDAQ:HOVR) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

New Horizon Aircraft (NASDAQ:HOVR) announced its earnings results on Wednesday. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07), Zacks reports.

New Horizon Aircraft Stock Performance

Shares of HOVR stock opened at $2.32 on Friday. The stock has a market capitalization of $95.05 million, a price-to-earnings ratio of -3.18 and a beta of 2.99. New Horizon Aircraft has a one year low of $0.35 and a one year high of $4.18. The company’s 50-day simple moving average is $1.74 and its 200-day simple moving average is $1.93.

Hedge Funds Weigh In On New Horizon Aircraft

Hedge funds have recently added to or reduced their stakes in the business. Virtu Financial LLC acquired a new stake in shares of New Horizon Aircraft during the third quarter worth $244,000. Marshall Wace LLP bought a new stake in shares of New Horizon Aircraft during the 2nd quarter valued at about $38,000. Gabelli Funds LLC acquired a new stake in New Horizon Aircraft during the third quarter worth about $51,000. Bank of America Corp DE bought a new position in New Horizon Aircraft in the second quarter worth about $27,000. Finally, Scientech Research LLC bought a new position in New Horizon Aircraft in the third quarter worth about $35,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on HOVR. D Boral Capital raised shares of New Horizon Aircraft to a “strong-buy” rating in a research report on Wednesday, October 15th. Weiss Ratings cut New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Saturday, October 25th. Finally, D. Boral Capital restated a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a research note on Thursday, December 4th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, New Horizon Aircraft has an average rating of “Moderate Buy” and a consensus price target of $11.00.

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.