New Horizon Aircraft (NASDAQ:HOVR) Announces Earnings Results, Beats Estimates By $0.05 EPS

New Horizon Aircraft (NASDAQ:HOVR) issued its earnings results on Friday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05, FiscalAI reports.

New Horizon Aircraft Stock Down 4.4%

New Horizon Aircraft stock opened at $1.53 on Friday. The firm has a fifty day simple moving average of $1.76 and a two-hundred day simple moving average of $1.91. New Horizon Aircraft has a twelve month low of $1.16 and a twelve month high of $4.18. The company has a market capitalization of $102.24 million, a PE ratio of -2.68 and a beta of 3.83.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Wall Street Zen raised New Horizon Aircraft from a “strong sell” rating to a “sell” rating in a report on Saturday, July 18th. Weiss Ratings raised shares of New Horizon Aircraft from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, July 29th. Two investment 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, the company presently has an average rating of “Hold” and an average target price of $14.50.

About New Horizon Aircraft

New Horizon Aircraft Ltd. is an aerospace company developing hybrid-electric vertical takeoff and landing (eVTOL) aircraft for the emerging advanced air mobility market. The company is focused on aircraft that can operate from runways while also performing vertical takeoffs and landings, with the goal of combining the flexibility of helicopters with the efficiency and speed of fixed-wing aircraft.

Its primary product is the Cavorite X5, a five-seat eVTOL aircraft under development. The aircraft incorporates a fan-in-wing design intended to enable vertical flight and transition to efficient forward flight.