New Horizon Aircraft (NASDAQ:HOVR) Announces Earnings Results

New Horizon Aircraft (NASDAQ:HOVR) released its quarterly earnings data on Friday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.05, FiscalAI reports.

New Horizon Aircraft Stock Performance

Shares of HOVR opened at $1.53 on Friday. New Horizon Aircraft has a fifty-two week low of $1.16 and a fifty-two week high of $4.18. The firm has a 50-day simple moving average of $1.76 and a 200-day simple moving average of $1.91. The company has a market capitalization of $102.24 million, a price-to-earnings ratio of -2.68 and a beta of 3.83.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on HOVR. Wall Street Zen upgraded shares of New Horizon Aircraft from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 18th. Weiss Ratings raised shares of New Horizon Aircraft from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, New Horizon Aircraft currently has a consensus rating of “Hold” and an average target price of $14.50.

New Horizon Aircraft Company Profile

New Horizon Aircraft Ltd. is an aerospace company developing hybrid-electric vertical takeoff and landing (eVTOL) aircraft for the emerging advanced air mobility market. The company is focused on aircraft that can operate from runways while also performing vertical takeoffs and landings, with the goal of combining the flexibility of helicopters with the efficiency and speed of fixed-wing aircraft.

Its primary product is the Cavorite X5, a five-seat eVTOL aircraft under development. The aircraft incorporates a fan-in-wing design intended to enable vertical flight and transition to efficient forward flight.