New Horizon Aircraft (NASDAQ:HOVR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of New Horizon Aircraft (NASDAQ:HOVR) from a strong sell rating to a sell rating in a report released on Saturday morning.

HOVR has been the subject of several other reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of New Horizon Aircraft in a research note on Wednesday, July 15th. 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 equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.50.

New Horizon Aircraft Trading Up 5.4%

Shares of HOVR opened at $1.66 on Friday. The firm’s 50-day moving average is $2.18 and its two-hundred day moving average is $1.99. New Horizon Aircraft has a twelve month low of $1.16 and a twelve month high of $4.18. The firm has a market capitalization of $93.31 million, a P/E ratio of -2.90 and a beta of 3.84.

New Horizon Aircraft (NASDAQ:HOVR) last posted its quarterly earnings results on Thursday, July 16th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Analysts predict that New Horizon Aircraft will post -0.55 EPS for the current year.

Hedge Funds Weigh In On New Horizon Aircraft

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HOVR. Virtu Financial LLC acquired a new position in shares of New Horizon Aircraft during the 3rd quarter worth approximately $244,000. Renaissance Technologies LLC grew its holdings in New Horizon Aircraft by 15.0% during the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock valued at $1,022,000 after buying an additional 90,500 shares during the last quarter. Quadrature Capital Ltd purchased a new position in New Horizon Aircraft during the fourth quarter worth $96,000. Marshall Wace LLP purchased a new position in New Horizon Aircraft during the fourth quarter worth $63,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of New Horizon Aircraft in the second quarter worth $47,000. Institutional investors and hedge funds own 65.97% of the company’s stock.

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.