Insider Selling: New Horizon Aircraft (NASDAQ:HOVR) CEO Sells $184,000.00 in Stock

New Horizon Aircraft Ltd. (NASDAQ:HOVR) CEO Brian Frederick Merker sold 46,000 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $4.00, for a total transaction of $184,000.00. Following the sale, the chief executive officer directly owned 265,286 shares in the company, valued at approximately $1,061,144. This represents a 14.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

New Horizon Aircraft Stock Down 6.7%

Shares of NASDAQ:HOVR opened at $2.91 on Friday. New Horizon Aircraft Ltd. has a 12 month low of $0.25 and a 12 month high of $4.18. The company’s 50-day moving average price is $2.18 and its two-hundred day moving average price is $1.48. The firm has a market cap of $119.22 million, a P/E ratio of 31.20 and a beta of 2.79.

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

Analysts Set New Price Targets

HOVR has been the topic of a number of research reports. D. Boral Capital restated a “buy” rating and set a $11.00 target price on shares of New Horizon Aircraft in a research report on Wednesday. Weiss Ratings restated a “hold (c-)” rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. Finally, D Boral Capital upgraded shares of New Horizon Aircraft to a “strong-buy” rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $11.00.

Institutional Trading of New Horizon Aircraft

A number of hedge funds have recently modified their holdings of HOVR. Rockefeller Capital Management L.P. acquired a new stake in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $602,000. Marshall Wace LLP acquired a new stake in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $38,000. Finally, Bank of America Corp DE acquired a new stake in shares of New Horizon Aircraft in the 2nd quarter valued at approximately $27,000. 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.