JonesTrading Initiates Coverage on New Horizon Aircraft (NASDAQ:HOVR)

Analysts at JonesTrading initiated coverage on shares of New Horizon Aircraft (NASDAQ:HOVR) in a research note issued to investors on Monday,Benzinga reports. The brokerage set a “buy” rating and a $18.00 price target on the stock.

HOVR has been the topic of a number of other research reports. D. Boral Capital reaffirmed a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a research note on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of New Horizon Aircraft in a research report on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, New Horizon Aircraft has a consensus rating of “Hold” and a consensus target price of $14.50.

New Horizon Aircraft Trading Down 2.2%

NASDAQ HOVR traded down $0.04 during trading on Monday, hitting $1.84. 75,341 shares of the company’s stock were exchanged, compared to its average volume of 1,073,877. The company has a market cap of $81.33 million, a PE ratio of -2.54 and a beta of 2.97. New Horizon Aircraft has a fifty-two week low of $0.35 and a fifty-two week high of $4.18. The stock’s 50 day moving average price is $1.89 and its two-hundred day moving average price is $2.01.

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

Institutional Investors Weigh In On New Horizon Aircraft

A number of institutional investors have recently modified their holdings of HOVR. Quadrature Capital Ltd acquired a new stake in shares of New Horizon Aircraft during the fourth quarter worth $96,000. Marshall Wace LLP bought a new position in shares of New Horizon Aircraft in the 4th quarter worth about $63,000. Renaissance Technologies LLC lifted its stake in shares of New Horizon Aircraft by 15.0% in the 4th quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock valued at $1,022,000 after purchasing an additional 90,500 shares during the period. LPL Financial LLC bought a new stake in shares of New Horizon Aircraft during the 4th quarter valued at about $35,000. Finally, Scientech Research LLC acquired a new stake in New Horizon Aircraft during the third quarter worth approximately $35,000. 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.