New Horizon Aircraft (HOVR) Expected to Announce Earnings on Tuesday

New Horizon Aircraft (NASDAQ:HOVR) is anticipated to release its results before the market opens on Tuesday, January 13th. Analysts expect New Horizon Aircraft to post earnings of ($0.08) per share for the quarter.

New Horizon Aircraft Trading Up 19.0%

NASDAQ:HOVR opened at $1.94 on Tuesday. New Horizon Aircraft has a 1-year low of $0.35 and a 1-year high of $4.18. The firm has a market capitalization of $79.48 million, a price-to-earnings ratio of 14.70 and a beta of 2.99. The business’s 50-day moving average price is $1.76 and its two-hundred day moving average price is $1.92.

Insider Transactions at New Horizon Aircraft

In other news, CEO Brian Frederick Merker sold 46,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total value of $184,000.00. Following the transaction, the chief executive officer owned 265,286 shares of the company’s stock, valued at approximately $1,061,144. This represents a 14.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric Brandon Robinson sold 100,000 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $3.42, for a total value of $342,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,372,510 shares in the company, valued at approximately $4,693,984.20. This represents a 6.79% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 286,000 shares of company stock worth $1,063,600. 10.80% of the stock is owned by insiders.

Hedge Funds Weigh In On New Horizon Aircraft

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on HOVR shares. D Boral Capital upgraded shares of New Horizon Aircraft to a “strong-buy” rating in a report on Wednesday, October 15th. Weiss Ratings cut New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a report on Saturday, October 25th. Finally, D. Boral Capital restated a “buy” rating and issued a $11.00 price target on shares of New Horizon Aircraft in a report on Thursday, December 4th. One research analyst has rated the stock with a Strong Buy rating, one has assigned 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 “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.