New Horizon Aircraft (NASDAQ:HOVR) Trading Up 3.2% – Should You Buy?

Shares of New Horizon Aircraft Ltd. (NASDAQ:HOVR) were up 3.2% during mid-day trading on Monday . The company traded as high as $2.35 and last traded at $2.26. Approximately 1,060,592 shares traded hands during trading, a decline of 71% from the average daily volume of 3,684,957 shares. The stock had previously closed at $2.19.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on HOVR shares. D. Boral Capital reiterated a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a research report on Tuesday, April 14th. JonesTrading assumed coverage on shares of New Horizon Aircraft in a report on Monday, February 23rd. They issued a “buy” rating and a $18.00 price objective on the stock. 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.50.

New Horizon Aircraft Stock Up 0.5%

The company’s fifty day simple moving average is $2.21 and its two-hundred day simple moving average is $1.95. The company has a market capitalization of $123.47 million, a price-to-earnings ratio of -3.22 and a beta of 3.69.

New Horizon Aircraft (NASDAQ:HOVR) last posted its earnings results on Tuesday, April 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Equities research analysts expect that New Horizon Aircraft Ltd. will post -0.6 earnings per share for the current year.

Institutional Investors Weigh In On New Horizon Aircraft

Several hedge funds have recently bought and sold shares of the company. Gabelli Funds LLC raised its holdings in New Horizon Aircraft by 72.9% in the first quarter. Gabelli Funds LLC now owns 25,306 shares of the company’s stock worth $36,000 after purchasing an additional 10,673 shares during the period. Quadrature Capital Ltd acquired a new stake in New Horizon Aircraft in the fourth quarter worth $96,000. Marshall Wace LLP acquired a new stake in New Horizon Aircraft in the fourth quarter worth $63,000. Renaissance Technologies LLC raised its holdings in New Horizon Aircraft by 15.0% in the fourth quarter. Renaissance Technologies LLC now owns 695,100 shares of the company’s stock worth $1,022,000 after purchasing an additional 90,500 shares during the period. Finally, LPL Financial LLC acquired a new stake in New Horizon Aircraft in the fourth quarter worth $35,000. 65.97% of the stock is currently 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.