New Horizon Aircraft (NASDAQ:HOVR) Stock Price Up 3.2% – Here’s What Happened

New Horizon Aircraft Ltd. (NASDAQ:HOVR) rose 3.2% during mid-day trading on Wednesday . The stock traded as high as $1.6799 and last traded at $1.62. Approximately 597,941 shares changed hands during trading, a decline of 52% from the average daily volume of 1,251,853 shares. The stock had previously closed at $1.57.

Wall Street Analyst Weigh In

Several research analysts have commented on HOVR shares. D. Boral Capital reiterated a “buy” rating and issued a $11.00 target price on shares of New Horizon Aircraft in a report on Thursday, October 23rd. D Boral Capital upgraded shares of New Horizon Aircraft to a “strong-buy” rating in a research report on Wednesday, October 15th. Finally, Weiss Ratings lowered shares of New Horizon Aircraft from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $11.00.

New Horizon Aircraft Trading Up 3.2%

The company has a market cap of $66.37 million, a price-to-earnings ratio of 15.70 and a beta of 2.78. The business has a fifty day moving average price of $2.39 and a two-hundred day moving average price of $1.80.

New Horizon Aircraft (NASDAQ:HOVR) last posted its quarterly earnings results on Friday, October 10th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.03).

Insiders Place Their Bets

In other news, CEO Eric Brandon Robinson sold 100,000 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $3.42, for a total value of $342,000.00. Following the transaction, the chief executive officer directly owned 1,372,510 shares of the company’s stock, valued at approximately $4,693,984.20. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brian Frederick Merker sold 46,000 shares of the stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total value of $184,000.00. Following the sale, the chief executive officer owned 265,286 shares of the company’s stock, valued at approximately $1,061,144. This represents a 14.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 286,000 shares of company stock valued at $1,063,600 in the last three months. Company insiders own 10.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of HOVR. Rockefeller Capital Management L.P. purchased a new stake in shares of New Horizon Aircraft during the 2nd quarter worth about $602,000. Virtu Financial LLC bought a new stake in shares of New Horizon Aircraft in the 3rd quarter valued at approximately $244,000. Marshall Wace LLP acquired a new position in New Horizon Aircraft in the second quarter worth approximately $38,000. Gabelli Funds LLC bought a new position in New Horizon Aircraft during the third quarter valued at approximately $51,000. Finally, Bank of America Corp DE bought a new position in New Horizon Aircraft during the second quarter valued at approximately $27,000. 65.97% of the stock is owned by institutional investors and hedge funds.

New Horizon Aircraft Company Profile

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.