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

Key Points

• CEO Brian Frederick Merker of New Horizon Aircraft sold 46,000 shares of company stock for a total of $184,000, representing a 14.78% decrease in his holdings.
• New Horizon Aircraft recently reported a quarterly loss of ($0.11) earnings per share, missing analyst estimates of ($0.08).
• Despite recent challenges, analysts have set a consensus target price of $11.00 for New Horizon Aircraft, with ratings ranging from "Strong Buy" to "Hold."

New Horizon Aircraft Ltd. (NASDAQ:HOVR - Get Free Report) CEO Brian Frederick Merker sold 46,000 shares of the firm's stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $4.00, for a total transaction of $184,000.00. Following the completion of the sale, the chief executive officer owned 265,286 shares of the company's stock, valued at approximately $1,061,144. The trade was a 14.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

New Horizon Aircraft Price Performance

New Horizon Aircraft stock traded down $0.50 during mid-day trading on Thursday, reaching $3.12. The company had a trading volume of 2,503,260 shares, compared to its average volume of 2,070,036. The stock's 50-day simple moving average is $2.15 and its 200-day simple moving average is $1.46. New Horizon Aircraft Ltd. has a 1 year low of $0.25 and a 1 year high of $4.18. The company has a market capitalization of $97.94 million, a P/E ratio of 36.20 and a beta of 2.79.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on HOVR. D Boral Capital upgraded shares of New Horizon Aircraft to a "strong-buy" rating in a report on Wednesday. D. Boral Capital restated a "buy" rating and set a $11.00 target price on shares of New Horizon Aircraft in a report on Wednesday. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of New Horizon Aircraft in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $11.00.

Institutional Investors Weigh In On New Horizon Aircraft

Several hedge funds and other institutional investors have recently modified their holdings of HOVR. Rockefeller Capital Management L.P. bought a new stake in shares of New Horizon Aircraft in the 2nd quarter worth about $602,000. Marshall Wace LLP bought a new stake in shares of New Horizon Aircraft in the 2nd quarter worth about $38,000. Finally, Bank of America Corp DE bought a new stake in shares of New Horizon Aircraft in the 2nd quarter worth about $27,000. Institutional investors own 65.97% of the company's stock.

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.

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