New Horizon Aircraft (NASDAQ:HOVR) Rating Increased to Strong-Buy at D Boral Capital

Key Points

• New Horizon Aircraft (NASDAQ:HOVR) has been upgraded to a "strong-buy" rating by D Boral Capital, with a consensus price target of $11.00.
• Despite the positive upgrade, shares of HOVR fell 7.4% to $3.62, highlighting volatility in the stock's performance.
• Insider selling was noted, with COO Jason Michael O'Neill selling 40,000 shares at an average price of $1.72, reflecting a 10.43% decrease in their ownership.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) was upgraded by equities research analysts at D Boral Capital to a "strong-buy" rating in a report issued on Wednesday,Zacks.com reports.

HOVR has been the topic of several other research reports. Weiss Ratings reiterated a "hold (c-)" rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. D. Boral Capital reiterated a "buy" rating and issued a $11.00 target price on shares of New Horizon Aircraft in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $11.00.

New Horizon Aircraft Stock Down 7.4%

Shares of NASDAQ HOVR opened at $3.62 on Wednesday. The company's 50-day simple moving average is $2.13 and its 200-day simple moving average is $1.44. New Horizon Aircraft has a 52-week low of $0.25 and a 52-week high of $4.18. The firm has a market cap of $113.61 million, a price-to-earnings ratio of 36.70 and a beta of 2.79.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last announced its earnings results on Friday, October 10th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.03).

Insider Buying and Selling at New Horizon Aircraft

In other news, COO Jason Michael O'neill sold 40,000 shares of the firm's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $1.72, for a total value of $68,800.00. Following the transaction, the chief operating officer directly owned 343,598 shares of the company's stock, valued at approximately $590,988.56. This trade represents a 10.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 11.10% of the company's stock.

Hedge Funds 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. purchased a new position in shares of New Horizon Aircraft in the second quarter worth about $602,000. Marshall Wace LLP purchased a new position in shares of New Horizon Aircraft in the second quarter worth about $38,000. Finally, Bank of America Corp DE purchased a new position in shares of New Horizon Aircraft in the second quarter worth about $27,000. 65.97% of the stock is owned by hedge funds and other institutional investors.

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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