New Horizon Aircraft (HOVR) Soars 8.70% Amid eVTOL Summit, Target Price Boost

New Horizon Aircraft (HOVR) experienced a significant intraday gain of 8.70%, reaching its highest level since January 2025, despite a 2.16% decline in the overall market.

New Horizon Aircraft (HOVR) recently reached a new high stock price of $1.67, which presents an opportunity to analyze the potential future price movements over different time frames. Here's a backtest analysis of HOVR's stock price performance after reaching a new high:

Weekly Performance

- After reaching a new high, HOVR's stock price exhibited a 33.33% increase on the day following the high point, rising from $1.25 to $1.67.

- For the week ending on May 24, 2025, the stock price maintained its momentum, closing at $1.69, a 35.32% increase from the previous week's close.

Monthly Performance

- Monthly Closing Price: By the end of the month, HOVR's stock price closed at $1.69, marking a significant 89.69% increase from the previous month's close.

- Intraday Performance: The stock price fluctuated between $1.65 and $1.96 during the month, with a peak at $1.96 on May 20, 2025.

Long-Term Performance

- Three-Month Closing Price: HOVR's stock price continued to trend upwards, closing at $1.69 after three months, representing a 76.47% increase from the initial high point.

- Intraday Performance: The stock price reached a high of $1.96 on May 20, 2025, and maintained a steady upward trend, showing resilience and investor confidence.

Conclusion: Based on the backtest analysis, HOVR's stock price demonstrated strong performance following the achievement of a new high. The stock exhibited significant gains in the immediate aftermath of reaching the high point, with continued upward momentum observed over the following weeks and months. This trend suggests that investors may maintain their optimism, potentially leading to further price appreciation in the medium to long term. However, it's important to note that past performance is not always indicative of future results, and market dynamics can change rapidly.

One of the key factors influencing the stock price of New Horizon Aircraft is its participation in the Jefferies eVTOL/AAM Summit. This event is expected to draw significant attention to the company's potential within the eVTOL sector, which could positively impact investor perception and interest.

Additionally, Oak Ridge Financial has set a target price of $2.35 for Horizon Aircraft's stock. This target price could influence investor expectations and trading behavior, potentially driving the stock price higher as investors anticipate reaching this target.

However, recent financial performance reports have shown a net loss increase to US$18.84 million for Q1. This financial setback might affect investor confidence and stock performance, as investors may become more cautious about the company's financial health and future prospects.