New Horizon Aircraft (NASDAQ:HOVR) Issues Earnings Results, Beats Expectations By $0.02 EPS

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

New Horizon Aircraft Trading Down 1.2%

HOVR opened at $1.71 on Thursday. The stock has a market capitalization of $96.41 million, a PE ratio of -2.51 and a beta of 3.84. New Horizon Aircraft has a 1-year low of $1.16 and a 1-year high of $4.18. The firm has a 50-day moving average price of $2.23 and a two-hundred day moving average price of $1.98.

Institutional Trading of New Horizon Aircraft

Several hedge funds have recently modified their holdings of the stock. Virtu Financial LLC acquired a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at $244,000. Renaissance Technologies LLC grew its stake in shares of New Horizon Aircraft by 15.0% during the fourth 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 during the period. Quadrature Capital Ltd bought a new stake in New Horizon Aircraft in the fourth quarter valued at about $96,000. Marshall Wace LLP bought a new position in New Horizon Aircraft during the fourth quarter worth about $63,000. Finally, LPL Financial LLC bought a new stake in shares of New Horizon Aircraft in the 4th quarter valued at about $35,000. 65.97% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, D. Boral Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a report on Tuesday, April 14th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average 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.