New Horizon Aircraft (NASDAQ:HOVR) Receives “Buy” Rating from D. Boral Capital

D. Boral Capital restated their buy rating on shares of New Horizon Aircraft (NASDAQ:HOVR) in a report issued on Tuesday morning,Benzinga reports. They currently have a $11.00 price target on the stock.

Several other analysts have also recently weighed in on HOVR. JonesTrading assumed coverage on New Horizon Aircraft in a report on Monday, February 23rd. They set a “buy” rating and a $18.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of New Horizon Aircraft in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $14.50.

New Horizon Aircraft Stock Performance

NASDAQ:HOVR opened at $1.56 on Tuesday. The stock has a market cap of $69.03 million, a P/E ratio of -2.14 and a beta of 3.14. The stock’s 50-day moving average is $1.73 and its 200-day moving average is $1.98. New Horizon Aircraft has a 1-year low of $0.38 and a 1-year high of $4.18.

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

Hedge Funds Weigh In On New Horizon Aircraft

Several institutional investors have recently added to or reduced their stakes in the business. Renaissance Technologies LLC lifted its stake in New Horizon Aircraft by 15.0% in the fourth quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock valued at $1,022,000 after buying an additional 90,500 shares during the period. Virtu Financial LLC acquired a new position in New Horizon Aircraft in the third quarter valued at approximately $244,000. Quadrature Capital Ltd acquired a new position in New Horizon Aircraft in the fourth quarter valued at approximately $96,000. Marshall Wace LLP acquired a new position in New Horizon Aircraft in the fourth quarter valued at approximately $63,000. Finally, LPL Financial LLC acquired a new position in New Horizon Aircraft in the fourth quarter valued at approximately $35,000. 65.97% of the stock is owned by institutional investors and hedge funds.

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.