New Horizon Aircraft (NASDAQ:HOVR) Announces Quarterly Earnings Results

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

New Horizon Aircraft Stock Performance

New Horizon Aircraft stock opened at $1.71 on Thursday. New Horizon Aircraft has a one year low of $1.16 and a one year high of $4.18. The stock has a fifty day moving average of $2.23 and a 200 day moving average of $1.98. The stock has a market cap of $96.41 million, a PE ratio of -2.51 and a beta of 3.84.

Institutional Investors Weigh In On New Horizon Aircraft

Large investors have recently made changes to their positions in the company. Quadrature Capital Ltd bought a new position in shares of New Horizon Aircraft in the 4th quarter worth approximately $96,000. Renaissance Technologies LLC boosted its holdings in shares of New Horizon Aircraft by 15.0% in the fourth quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock worth $1,022,000 after buying an additional 90,500 shares during the last quarter. Virtu Financial LLC bought a new stake in New Horizon Aircraft during the third quarter valued at approximately $244,000. Marshall Wace LLP bought a new stake in New Horizon Aircraft during the fourth quarter valued at approximately $63,000. Finally, LPL Financial LLC purchased a new stake in New Horizon Aircraft during the fourth quarter valued at approximately $35,000. 65.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, D. Boral Capital reissued a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a report on Tuesday, April 14th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, New Horizon Aircraft currently has a consensus rating of “Hold” and an average price target of $14.50.

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.