New Horizon Aircraft (NASDAQ:HOVR) Trading Down 1.8% – Here’s Why

New Horizon Aircraft Ltd. (NASDAQ:HOVR)’s stock price fell 1.8% during trading on Wednesday . The company traded as low as $1.62 and last traded at $1.63. Approximately 542,221 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 623,184 shares. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Weiss Ratings raised 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 report on Saturday, July 18th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, New Horizon Aircraft currently has a consensus rating of “Hold” and a consensus target price of $14.50.

New Horizon Aircraft Stock Up 2.5%

The firm’s fifty day moving average is $1.80 and its 200-day moving average is $1.94. The stock has a market capitalization of $110.93 million, a PE ratio of -2.91 and a beta of 3.85.

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

Hedge Funds Weigh In On New Horizon Aircraft

A number of institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new position in New Horizon Aircraft in the fourth quarter valued at about $63,000. Renaissance Technologies LLC lifted its position in shares of New Horizon Aircraft by 15.0% in 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 in the last quarter. LPL Financial LLC bought a new position in shares of New Horizon Aircraft in the 4th quarter valued at about $35,000. Scientech Research LLC acquired a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at approximately $35,000. Finally, Virtu Financial LLC bought a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at about $244,000. 65.97% of the stock is currently owned by 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.