New Horizon Aircraft (HOVR) Projected to Post Earnings on Tuesday

New Horizon Aircraft (NASDAQ:HOVR) will likely be issuing its results before the market opens on Tuesday, January 13th. Analysts expect the company to announce earnings of ($0.08) per share for the quarter.

New Horizon Aircraft Stock Performance

Shares of NASDAQ:HOVR opened at $2.32 on Friday. The company has a market capitalization of $95.05 million, a PE ratio of 23.20 and a beta of 2.99. New Horizon Aircraft has a one year low of $0.35 and a one year high of $4.18. The stock has a fifty day moving average of $1.75 and a 200-day moving average of $1.92.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. D. Boral Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of New Horizon Aircraft in a report on Thursday, December 4th. D Boral Capital upgraded shares of New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings downgraded shares of New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Insider Transactions at New Horizon Aircraft

In related news, CEO Brian Frederick Merker sold 46,000 shares of New Horizon Aircraft stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total value of $184,000.00. Following the transaction, the chief executive officer directly owned 265,286 shares of the company’s stock, valued at $1,061,144. This trade represents a 14.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric Brandon Robinson sold 140,000 shares of the company’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $3.84, for a total value of $537,600.00. Following the sale, the chief executive officer owned 1,472,510 shares of the company’s stock, valued at approximately $5,654,438.40. This represents a 8.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 286,000 shares of company stock worth $1,063,600. 10.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HOVR. Virtu Financial LLC bought a new position in New Horizon Aircraft in the 3rd quarter valued at approximately $244,000. Marshall Wace LLP bought a new position in shares of New Horizon Aircraft in the 2nd quarter valued at $38,000. Gabelli Funds LLC acquired a new stake in shares of New Horizon Aircraft during the 3rd quarter valued at $51,000. Bank of America Corp DE bought a new stake in New Horizon Aircraft during the 2nd quarter worth $27,000. Finally, Scientech Research LLC acquired a new position in New Horizon Aircraft in the 3rd quarter worth about $35,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

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.