New Horizon Aircraft (NASDAQ:HOVR) Trading 2.2% Higher – Still a Buy?

New Horizon Aircraft Ltd. (NASDAQ:HOVR)’s stock price traded up 2.2% during trading on Thursday . The company traded as high as $1.50 and last traded at $1.37. 2,567,103 shares traded hands during mid-day trading, an increase of 53% from the average session volume of 1,672,615 shares. The stock had previously closed at $1.34.

Wall Street Analyst Weigh In

Separately, D. Boral Capital restated a “buy” rating and issued a $2.00 price objective on shares of New Horizon Aircraft in a research report on Friday, May 16th.

New Horizon Aircraft Price Performance

The stock’s fifty day simple moving average is $0.66 and its 200-day simple moving average is $0.67.

New Horizon Aircraft (NASDAQ:HOVR) last issued its earnings results on Monday, April 14th. The company reported ($0.17) earnings per share (EPS) for the quarter.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in New Horizon Aircraft stock. Virtu Financial LLC bought a new stake in New Horizon Aircraft Ltd. (NASDAQ:HOVR) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 41,761 shares of the company’s stock, valued at approximately $47,000. Virtu Financial LLC owned approximately 0.13% of New Horizon Aircraft at the end of the most recent quarter. 65.97% of the stock is owned by institutional investors and hedge funds.

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.