New Horizon Aircraft (NASDAQ:HOVR) Stock Price Up 1.6% – Still a Buy?

New Horizon Aircraft Ltd. (NASDAQ:HOVR)’s share price shot up 1.6% during mid-day trading on Tuesday . The company traded as high as $1.89 and last traded at $1.85. 304,073 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 501,686 shares. The stock had previously closed at $1.82.

Analyst Ratings Changes

HOVR has been the subject of a number of research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of New Horizon Aircraft in a report on Thursday, January 22nd. D. Boral Capital reaffirmed a “buy” rating and set a $11.00 price target on shares of New Horizon Aircraft in a report on Wednesday, February 11th. Finally, JonesTrading initiated coverage on shares of New Horizon Aircraft in a research report on Monday, February 23rd. They set a “buy” rating and a $18.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $14.50.

New Horizon Aircraft Stock Up 1.6%

The firm has a market cap of $81.86 million, a P/E ratio of -2.53 and a beta of 2.93. The firm’s 50-day simple moving average is $1.99 and its 200 day simple moving average is $2.03.

New Horizon Aircraft (NASDAQ:HOVR) last released its earnings results on Wednesday, January 14th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07).

Hedge Funds Weigh In On New Horizon Aircraft

Several institutional investors and hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. purchased a new stake in New Horizon Aircraft in the second quarter worth $602,000. Virtu Financial LLC purchased a new position in shares of New Horizon Aircraft during the 3rd quarter valued at $244,000. Renaissance Technologies LLC grew its stake in shares of New Horizon Aircraft by 15.0% during the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock worth $1,022,000 after acquiring an additional 90,500 shares during the period. Quadrature Capital Ltd bought a new position in shares of New Horizon Aircraft during the 4th quarter worth $96,000. Finally, Marshall Wace LLP purchased a new stake in New Horizon Aircraft in the 4th quarter worth about $63,000. 65.97% of the stock is owned by institutional investors.

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.