New Horizon Aircraft (NASDAQ:HOVR) Issues Earnings Results, Misses Estimates By $0.07 EPS

New Horizon Aircraft (NASDAQ:HOVR) issued its earnings results on Wednesday. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07), Zacks reports.

New Horizon Aircraft Stock Performance

NASDAQ:HOVR opened at $1.99 on Wednesday. The stock’s fifty day moving average price is $1.74 and its two-hundred day moving average price is $1.93. The company has a market cap of $81.53 million, a price-to-earnings ratio of 21.50 and a beta of 2.99. New Horizon Aircraft has a 52-week low of $0.35 and a 52-week high of $4.18.

Hedge Funds Weigh In On New Horizon Aircraft

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

Analyst Upgrades and Downgrades

HOVR has been the subject of several recent research reports. D Boral Capital upgraded New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. Weiss Ratings cut shares of New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Saturday, October 25th. Finally, D. Boral Capital restated a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a research note on Thursday, December 4th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

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.