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

Key Points

• D. Boral Capital has reiterated a "buy" rating on New Horizon Aircraft (HOVR) with a target price of $11.00, indicating a potential upside of 181.33% from its current price.
• The company's stock performance shows a market capitalization of $122.73 million, with a share price range between $0.25 and $4.00 over the past year.
• Insider selling from COO Jason O'Neill involved 40,000 shares sold at an average price of $1.72, decreasing his ownership by 10.43%.

New Horizon Aircraft (NASDAQ:HOVR - Get Free Report)'s stock had its "buy" rating reissued by analysts at D. Boral Capital in a report released on Wednesday,Benzinga reports. They currently have a $11.00 price target on the stock. D. Boral Capital's target price suggests a potential upside of 181.33% from the company's current price.

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of New Horizon Aircraft in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, New Horizon Aircraft currently has an average rating of "Moderate Buy" and a consensus target price of $11.00.

New Horizon Aircraft Stock Performance

Shares of HOVR opened at $3.91 on Wednesday. The stock has a market capitalization of $122.73 million, a PE ratio of 36.70 and a beta of 2.79. The company's fifty day moving average is $2.09 and its 200 day moving average is $1.43. New Horizon Aircraft has a fifty-two week low of $0.25 and a fifty-two week high of $4.00.

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

Insiders Place Their Bets

In other news, COO Jason Michael O'neill sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, July 24th. The shares were sold at an average price of $1.72, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 11.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Bank of America Corp DE purchased a new stake in shares of New Horizon Aircraft during the 2nd quarter worth $27,000. Marshall Wace LLP purchased a new position in shares of New Horizon Aircraft in the 2nd quarter worth approximately $38,000. Finally, Rockefeller Capital Management L.P. bought a new position in shares of New Horizon Aircraft during the 2nd quarter worth approximately $602,000. 65.97% of the stock is owned by institutional investors.

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.

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