New Horizon Aircraft (NASDAQ:HOVR) Shares Up 0.5% – Should You Buy?

New Horizon Aircraft Ltd. (NASDAQ:HOVR)’s stock price rose 0.5% on Monday . The stock traded as high as $2.02 and last traded at $1.98. Approximately 676,358 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 1,328,084 shares. The stock had previously closed at $1.97.

Analysts Set New Price Targets

Several research firms recently issued reports on HOVR. Wall Street Zen raised shares of New Horizon Aircraft from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Weiss Ratings upgraded New Horizon Aircraft from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.50.

New Horizon Aircraft Stock Up 0.5%

The business has a fifty day simple moving average of $1.92 and a 200 day simple moving average of $1.96. The company has a market cap of $132.32 million, a price-to-earnings ratio of -3.47 and a beta of 3.88.

New Horizon Aircraft (NASDAQ:HOVR) last issued its 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. Equities analysts anticipate that New Horizon Aircraft Ltd. will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in New Horizon Aircraft in the second quarter valued at about $32,000. GSA Capital Partners LLP purchased a new stake in shares of New Horizon Aircraft during the 2nd quarter worth approximately $98,000. Central Pacific Bank Trust Division purchased a new stake in shares of New Horizon Aircraft during the 2nd quarter worth approximately $47,000. Gabelli Funds LLC grew its holdings in shares of New Horizon Aircraft by 72.9% in the 1st quarter. Gabelli Funds LLC now owns 25,306 shares of the company’s stock worth $36,000 after acquiring an additional 10,673 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in shares of New Horizon Aircraft in the 4th quarter worth approximately $96,000. 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.