New Horizon Aircraft's (HOVR) "Buy" Rating Reaffirmed at D. Boral Capital

Key Points

• D. Boral Capital has reaffirmed New Horizon Aircraft's stock rating as "buy" with a price target of $11.00, indicating a potential upside of 334.78% from its previous close.
• New Horizon Aircraft recently reported earnings of ($0.11) per share, which fell short of analysts' expectations.
• Insider sales of company stock have occurred, with CEO Eric Robinson selling 100,000 shares, marking a 6.79% decrease in his ownership stake.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at D. Boral Capital in a note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 price target on the stock. D. Boral Capital's price target would suggest a potential upside of 334.78% from the stock's previous close.

Several other equities analysts have also recently issued reports on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of New Horizon Aircraft in a research note on Wednesday, October 8th. D Boral Capital upgraded shares of New Horizon Aircraft to a "strong-buy" rating in a research note on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, New Horizon Aircraft has a consensus rating of "Buy" and an average price target of $11.00.

New Horizon Aircraft Price Performance

HOVR opened at $2.53 on Thursday. The firm has a fifty day moving average price of $2.24 and a 200 day moving average price of $1.52. New Horizon Aircraft has a 1 year low of $0.25 and a 1 year high of $4.18. The stock has a market cap of $103.65 million, a P/E ratio of 27.10 and a beta of 2.79.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report) last posted 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).

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 transaction of $342,000.00. Following the completion of the sale, the chief executive officer owned 1,372,510 shares of the company's stock, valued at $4,693,984.20. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Brian Frederick Merker sold 46,000 shares of the company's stock in a transaction on 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 of the company's stock, valued at $1,061,144. The trade was a 14.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 286,000 shares of company stock valued at $1,063,600 in the last ninety days. Insiders own 11.10% of the company's stock.

Institutional Investors Weigh In On New Horizon Aircraft

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE purchased a new stake in shares of New Horizon Aircraft during the second quarter worth $27,000. Marshall Wace LLP purchased a new stake in shares of New Horizon Aircraft during the second quarter worth $38,000. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of New Horizon Aircraft during the second quarter worth $602,000. Hedge funds and other 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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