New Horizon Aircraft (NASDAQ:HOVR) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

New Horizon Aircraft (NASDAQ:HOVR) issued its quarterly earnings results on Thursday. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02, FiscalAI reports.

New Horizon Aircraft Stock Performance

NASDAQ:HOVR opened at $1.71 on Thursday. The firm has a market cap of $96.41 million, a P/E ratio of -2.51 and a beta of 3.84. New Horizon Aircraft has a fifty-two week low of $1.16 and a fifty-two week high of $4.18. The firm has a 50-day simple moving average of $2.23 and a two-hundred day simple moving average of $1.98.

Institutional Investors Weigh In On New Horizon Aircraft

Several institutional investors and hedge funds have recently made changes to their positions in HOVR. Quadrature Capital Ltd purchased a new position in New Horizon Aircraft in the 4th quarter worth approximately $96,000. Marshall Wace LLP bought a new stake in shares of New Horizon Aircraft in the 4th quarter worth $63,000. Renaissance Technologies LLC increased its holdings in shares of New Horizon Aircraft by 15.0% in 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 in the last quarter. LPL Financial LLC bought a new stake in shares of New Horizon Aircraft in the 4th quarter worth $35,000. Finally, Scientech Research LLC purchased a new position in shares of New Horizon Aircraft in the third quarter worth $35,000. Institutional investors own 65.97% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, D. Boral Capital reiterated a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a research note 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. Based on data from MarketBeat, New Horizon Aircraft presently has a consensus rating of “Hold” and an average price target of $14.50.

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.