New Horizon Aircraft (NASDAQ:HOVR) Stock Price Up 0.5% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

New Horizon Aircraft Stock Down 4.5%

The business’s 50-day simple moving average is $1.91 and its two-hundred day simple moving average is $1.95. The firm has a market cap of $126.31 million, a price-to-earnings ratio of -3.32 and a beta of 3.88.

New Horizon Aircraft (NASDAQ:HOVR) last released its quarterly earnings results on Thursday, July 16th. The company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.02. On average, analysts expect that New Horizon Aircraft Ltd. will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of HOVR. Bank of America Corp DE acquired a new position in shares of New Horizon Aircraft during the second quarter valued at approximately $32,000. GSA Capital Partners LLP purchased a new stake in shares of New Horizon Aircraft during the second quarter worth $98,000. Central Pacific Bank Trust Division purchased a new position in shares of New Horizon Aircraft in the second quarter worth about $47,000. Gabelli Funds LLC boosted its position in New Horizon Aircraft by 72.9% during the first 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 last quarter. Finally, Quadrature Capital Ltd acquired a new stake in New Horizon Aircraft in the 4th quarter valued at about $96,000. 65.97% of the stock is owned by hedge funds and other institutional investors.

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.